FIRST RESOURCE BANCORP, INC. Recognized as One of the Top Performing Bank Holding Companies Under $2 Billion in the US by American Banker

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Jun 20, 2023, 08:00 ET

EXTON, Pa., June 20, 2023 /PRNewswire/ -- First Resource Bancorp, Inc. (OTCQX: FRSB) is proud to announce that it has been recognized by American Banker as one of the top performing publicly traded community banks under $2 billion in assets. This recognition comes on the heels of having been named the Best Bank of the Main Line by the Main Line Times and a Best Places to Work company by the Philadelphia Business Journal.

"Despite the challenging economic environment and recent obstacles that financial institutions have faced over the past year, First Resource Bank continues to shine both locally and throughout the country," said Bank President and CFO, Lauren Ranalli. "Our repeat presence on American Banker's annual list of the top 200 performing publicly traded community banks was only amplified by our significant increase in the ranks, moving fifty-eight notches into the top 100 performers."

Companies scoring a spot on American Banker's top 200 list had a median return on average equity of 14.16%, compared with 11.67% for all publicly traded banks in this asset class. The three-year average for this figure was 12.6% for the top performers, more than 2 percentage points higher than their peers.

"To say that we are incredibly proud of this recent acknowledgement would be an understatement," commented First Resource Bank CEO, Glenn Marshall. "Time and again we are reminded of the importance that relationships hold in this industry. We are grateful for our loyal customers who, through their repeat business and referrals, have helped fuel our growth and for our dedicated team members who work tirelessly to serve the needs of our customers and community."

About First Resource Bancorp, Inc.

First Resource Bancorp, Inc. is the holding company of First Resource Bank. First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.

This press release contains statements that are not of historical facts and may pertain to future operating results or events or management's expectations regarding those results or events. These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs, such as "will", "would", "should", "could", or "may" are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.

SOURCE First Resource Bank