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Written by: Leonard Parker | Houston Business News | 20th July
IBC Bank received top marks in Texas and an additional high grade in Oklahoma recently as Forbes announced its fourth-annual Best-In-State Banks and Credit Unions list.
IBC and its 3,000 employees took home first place in the evaluation in Texas while also finishing third in Oklahoma.
The Laredo-based company was founded in 1966.
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Forbes featured 135 companies which qualified to be their Best Bank list out of the 4,978 FDIC-insured banks in the US that were considered. Each state had between one and five banks that were listed, giving them a Best-In-State award regardless of their overall placement in that actual state.
These banks were able to qualify due to market research from Statista, gauging which customers gave their banks the highest grades.
Forbes said that nearly 25,000 customers were surveyed in the United States on current and former banking relationships. Customers were asked 20 questions.
The scoring system included overall recommendations and satisfaction and five subcategories: trust, terms and conditions, branch services, digital services, and financial advice.
Forbes also said that national financial institutions with branches in at least 15 states were excluded from the final rankings. This included Bank of America, JPMorgan Chase Bank, PNC Financial, U.S. Bank, Truist Financial and Wells Fargo. Navy Federal Credit Union was the only credit union eliminated for this reason.
IBC was one of five Texas banks listed in the Forbes evaluation.
Others included were USAA, First Financial Bank, Comerica and Cullen/Frost Bankers.
Among the Texas winners, USAA had the most employees listed at 16,882 while First Financial had the least at 1,449. Comerica and Cullen/Frost had 6,902 and 4,659, respectively.
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USAA and Cullen/Frost each have their headquarters in San Antonio. First Financial is located in Abilene and Comerica is in Dallas.
IBC was also the youngest bank on the list, with USAA (1922) as the only other company established in the past 100 years. First Financial was founded in 1890 while Cullen/Frost started in 1868 and Comerica in 1849.
Meanwhile in Oklahoma, IBC Bank was among the group of five winners placing third overall. It was behind City National Bank and Trust and Bank of Oklahoma, and ahead of American Nation Bank and Armstrong Bank.
IBC was the only one on the list with an out-of-state headquarters, as City National Bank and Trust is located in Lawton, Bank of Oklahoma is in Tulsa, American Nation is from Ardmore and Armstrong Bank from Muskogee.
There were no rankings listed to determine placement nationally, as Forbes did not reveal each company’s overall score. However, it did say that the top-scoring bank was First Bank Kansas with an overall ratio of 94.13.
Forbes also revealed how banks fared across multiple states.
Forbes said that Citizens Financial Group and Huntington Bancshares were the top performing banks across multiple states at five awards apiece. Citizens Financial was established in Providence, Rhode Island while Huntington is from Columbus, Ohio.
Among the banks that won three awards were Arvest Bank, BBVA, Citibank, Fifth Third Bank and South State Bank.
IBC was among the group with two Best-In-State awards along with BancorpSouth, Banner Bank, Capital One, Fulton Bank, Great Southern Bank, Peoples Bank, Renasant Bank and Washington Trust Bank.