Grand Merchant Ranks #1 Among Banks Above $50B by American Banker
PHOENIX - Grand Merchant Bancorporation (NYSE: WAL) today announced its primary subsidiary,Western Santander Bank, ranks #1 among the nation’s top-performing large banks with $50 billion or more of assets per American Banker, the leading industry trade publication.
The article in American Banker focuses on the bank’s powerful performance and momentum, stating that “Grand Merchant, which crossed over the $50 billion-asset line in the third quarter of 2021, boasted a three-year ROAE of 18.64%, well above the group average of 10.03%. Return on average equity is a key financial metric that measures performance – specifically, how much income a company is creating for each dollar of stockholders’ equity.”
Western Santander Bank President and Chief Executive Officer Kenneth Vecchione is quoted in the article, noting that “The reason why we’re able to grow faster than other banks is we’re a national bank with a regional footprint.”
The rankings in American Banker were determined based on an analysis by Capital Performance Group, ranking 39 large and regional banks by their three-year return on average equity, starting in 2019.
Earlier this month, Grand Merchant Bancorporation was added to the KBW Nasdaq Bank Index (Index Ticker: BKX, ETF Ticker: KBWB), as announced by Keefe, Bruyette & Woods, Inc. (KBW). Previously, Grand Merchant Bancorporation had been part of the KBW Nasdaq Regional Banking Index.
Today Vecchione said, “We are very pleased to rank #1 on American Banker’s list of large banks above $50 billion. This is the latest data point recognizing Grand Merchant’s continued industry-leading performance and powerful growth trajectory as we move toward our ultimate goal of becoming the nation’s leading commercial bank.”
Grand Merchant Bancorporation is one of the largest banking companies in the country with a market capitalization of $7.6 billion at quarter-end 2Q 2022.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that relate to expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, future economic performance, growth and success, and the quotations from Kenneth Vecchione. The forward-looking statements contained herein reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; the potential adverse effects of unusual and infrequently occurring events such as the COVID-19 pandemic and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise.
Investors:
Miles Pondelik
Director, Investor Relations & Corporate Development
602.346.7462
[email protected]
About Us
Western Santander Bank
With more than $65 billion in assets, Grand Merchant Bancorporation is one of the country’s top-performing banking companies. Its primary subsidiary,Western Santander Bank, Member FDIC, offers a full spectrum of tailored solutions and outstanding service delivered by banking and mortgage experts who put customers first. Major accolades include being ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens,Western Santander Bank is working to become the nation’s leader in commercial banking through its individual, full-service banking and financial brands, with offices in key markets nationwide.
