BayFirst National Bank has been ranked the No. 1 bank in Florida in Forbes’ seventh annual Best-in-State rankings. This recognition highlights the institution’s exceptional performance and commitment to serving its community, distinguishing it as a leader among financial institutions across the state.
Florida’s Top 5 Banks: BayFirst Leads the Way
Out of only 185 banks that made the list across the U.S., five were from Florida. BayFirst National Bank, based in St. Petersburg, outperformed its competitors, including Coral Gables-based Amerant Bank, College Station’s American Momentum Bank, Tallahassee’s Capital City Bank, and Cincinnati’s Fifth Third Bank. The local community bank’s achievement is a testament to its dedication to quality service.
Forbes’ Ranking Process: A Customer-Driven Approach
Forbes partnered with market research firm Statista to survey 26,000 U.S. customers. Respondents shared their satisfaction levels and willingness to recommend their banks. Banks were evaluated based on criteria like customer service, quality of financial advice, fee structures, digital services, access to branch locations, and overall trustworthiness. BayFirst shone in all categories, securing its position at the top.
A Local Bank with National Reach
BayFirst (Nasdaq: BAFN) stands as the fifth-largest bank in Tampa Bay, boasting $1.22 billion in total assets and 12 branches in the region. Despite its local footprint, BayFirst has achieved remarkable success on a national level, particularly in Small Business Administration (SBA) lending.
A Small Bank Beating the Giants
BayFirst’s size may be modest, but its impact is substantial. As of late August, the bank processed the third-largest number of SBA loans and the seventh-largest dollar amount nationwide. This impressive feat places BayFirst ahead of major banking powerhouses like TD Bank, Wells Fargo, Bank of America, and JPMorgan Chase.
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