Benchmark named to top 200 community banks for the 14th year

Published 6:00 am Friday, May 22, 2020

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For the 14th consecutive year, Benchmark Community Bank has been named one of the nation’s Top 200 Community Banks.

Of the more than 5,000 banks located in the United States, the Top 200 compares performance among community banks with asset size below $2 billion. The annual peer analysis is sponsored by American Banker magazine, the recognized leader in financial industry publications.

Ranked at #62 on the 2020 Top 200 list, Benchmark is third in Virginia behind First National Corporation (First Bank), Strasburg (#29), and First Bancorp (First Bank & Trust), Lebanon (#35). A total of 11 Virginia community banks are included on the list.

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“This the 14th consecutive year Benchmark has been named to the Top 200,” Benchmark President/CEO Jay Stafford said. “Our goal is to provide banking solutions that help our customers and communities reach their financial goals despite any situation we encounter. Benchmark’s legacy is built on solid financial ground supported by sound banking practices, so we are prepared to adjust to changes with which we’re presented.”

Claude Hanley is a partner in Capital Performance Group that compiles the data for the annual ranking. He observed that community banks on the Top 200 list managed to contain expense growth, thereby counterbalancing lower profit margins brought about by lower interest rates.

“Community banks are defined by how well we support the communities we serve,” Stafford said. “Looking at the current year, the COVID-19 pandemic has created a global conundrum none of us anticipated on January 1. How community banks and other financial institutions respond to the needs of our customers is what will define us as a vital community resource working to assist both business and consumer customers through a situation we haven’t seen in over 100 years.”