PROVIDENCE – Citizens Financial Group ranked 14th worst on a list of the 100 best and worst banks in the country compiled by Forbes last month.
The publisher said its eighth annual ranking of the 100 largest banks stemmed from the financial crisis of the late 2000s “when credit quality was cratering.”
Forbes ranked the 100 largest banks and thrifts by assets on data compiled concerning growth, credit quality, asset quality and profitability based on regulatory filings as of Sept. 30. Data is courtesy SNL Financial, although Forbes said it compiled the rankings.
Citizens had $149.5 billion in assets last year (and ranked No. 87 on the list).
Bank of America, based in Charlotte, N.C., with $2.2 trillion in assets, ranked No. 97, or fourth worst, while Associated Banc-Corp, based in Green Bay, Wis., came in at No. 100, last place.
“The metrics in this report are backward-looking and don’t reflect the current performance of Bank of America,” Forbes quoted a BofA spokesperson as saying.
No. 1 on the list? PacWest Bancorp in Los Angeles with $21.3 billion in assets.
Customers Bancorp Inc., based in Pennsylvania but with offices in Providence, and with $10 billion in assets, ranked 35th best – the highest showing for local banks. Webster Financial Corp., based in Waterbury, Conn., and with $26 billion in assets, ranked 81st.
