U.S. Banker Magazine released its “top community banks” list in the June issue. The list ranks the top 200 banks across the United States. Ranked at number 41, the Bank of South Carolina, headquartered in Charleston, also placed itself as the best in the state. Bank President Hugh Lane reacts. “I think it’s important in the overall scheme of things because it singles us out as one of the best few hundred community banks in the country. It’s nice to be the top community bank in the state but we’ve got to retain that too.”
To receive this rating, the report looked into each banks’ three-year average return on equity, which is the bank’s total net income divided by the shareholder equity. The Bank of South Carolina’s average was 14.57 percent.
“I think it represented the kind of performance you’ve have had in this particular environment, and I think anytime, as the times we’re in now, if you can keep you return on equity in the double digits you’re doing fairly well,” says Lane.
Lane explains what makes his bank stand out.
“Principle thing is I think good companies do the basics well and we have focused on that, and at the same time we have tried to be a little atypical bank in the fact that since we started 22 years ago we have been very much a nitch bank and have tried to differentiate ourselves with long-term relationships with our customers, personal service, responsiveness, and attention to detail,” says Lane.
Three other banks in the state made the top list; Palmetto Bancshares in Laurens, Grandsouth Bancorporation in Greenville, and CNB Corp. in Conway.