PROVIDENCE – Two banks that operate in the Rhode Island market have been named among the 500 top-performing midsize companies of 2024 by Time magazine and Statista, which collects business data.
Providence-based Citizens Financial Group Inc. ranked No. 272 and Berkshire Bank, based in Boston, ranked No. 434 of U.S. companies with annual revenue between $100 million and $10 billion. Businesses were scored on positive revenue growth, employee satisfaction and sustainability transparency.
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Citizens is the largest bank in Rhode Island in terms of deposits, according to the Federal Deposit Insurance Corp. It has $14.89 billion in deposits in the market.
Berkshire is the 13th-largest bank in Rhode Island, the FDIC data indicates, with $297.78 million in deposits in Rhode Island.
Time said two software companies that provide artificial intelligence tools for the workplace, both based in California – Workday and ServiceNow – topped the 2024 list.
Employee satisfaction was determined based on survey data from a sample of about 170,000 employees from U.S. companies over the last three years. The workers were asked about work atmosphere, working conditions, salary and equality.
Revenue growth was assessed by Statisa’s revenue database, which contains growth data for the last three years.
And sustainability transparency was evaluated based on key performance indicators from environmental, social and governance data in Statista’s database and data research.
For the environmental evaluation, this included the carbon emissions intensity and reduction rate, as well as the carbon disclosure project. The social dimension assessed the share of women on the board of directors and the existence of a human rights policy. The governance dimension evaluated whether a company had a corporate social responsibility report adhering to the Global Reporting Initiative guidelines and a compliance or anti-corruption guideline.
“This award reflects the deep commitment of all Berkshire bankers to provide industry-leading expertise and deliver personalized service and tailored solutions to help our clients achieve their financial goals, a pledge we’ve been delivering on for more than 175 years,” said Berkshire CEO Nitin Mhatre.
“We’re proud to say Berkshire also leads the way in sustainable and equitable banking, reinvesting in our communities at a rate nearly 70% higher than the industry average,” Mhatre said. “Our employee engagement has increased in each of the past three years to its highest level in 2023, resulting in improved client experience and financial performance.”
The data was weighted within a scoring model. The scores of all three dimensions were added on an equal percentage basis to form the final ranking score of a maximum 100 points.
Citizens scored 84.09 overall, with an employee satisfaction rank of 41 and a sustainability transparency rank of 383. Berkshire scored 78.92 overall with an employee satisfaction rank of 396 and a sustainability transparency rank of 249.
The only other Rhode Island-based company to appear on Time’s “America’s Best Midsize Companies of 2024” was Hasbro Inc. It ranked No. 21 on the list with an overall score of 92.97, an employee satisfaction rank of 42 and a sustainability transparency rank of 3.
