Southside Bancshares, Inc. (“Southside”) (NASDAQ:SBSI), the holding company of Southside Bank, has been named one of the Top 10 Banking Powerhouses in America by Bank Director. The 2021 RankingBanking study of performance powerhouse banks (the “Study”) also ranked Southside as one of the top three banks in America for creating long-term value, named the board of directors the best in Texas, and identified Southside as the best bank to work for in Texas.
According to the Federal Deposit Insurance Corporation, there are currently just over 5,000 federally-insured banking institutions in America. Bank Director, the leading information resource for directors and officers of financial institutions nationwide, partnered with Crowe LLP, a public accounting firm with a global presence, to identify the very best banks.
“We are extremely proud to be recognized as one of the top 10 performance powerhouse banks by Bank Director,” said Lee R. Gibson, President and Chief Executive Officer of Southside Bancshares, Inc. “This recognition is a true reflection of our long-standing commitment to add value to our customers, employees, shareholders, and the communities we serve.”
The Study was designed to be overarching, ranking banks in order to determine the specific institutions that have built enviable value and contain the building blocks of long-term performance for their shareholders. This historic evaluation examined and compared specific details crucial to a successful bank. Banks were initially selected based on total shareholder return generated over a 20-year period ending June 30, 2020, and then examined and ranked in 10 categories based on company data over a five-year period ending December 2019.