On April 13, Forbes released its 2022 list of the “Best Banks in the World.” Twenty-seven countries were included in the list, with 75 of those being U.S.-based banks. Of the U.S. banks, six are based in Texas, with another twelve that have a presence in the Lone Star State.
According to Forbes:
Prospects for the banking industry are looking up after two years dominated by a global pandemic and a decade of low-interest rates. Now central banks are being forced into a hawkish stance to combat inflation that sits at a 40-year high, measuring 8.5 percent in March. As rates rise, banks will be able to profit from a rise in net interest margins, a crucial source of earnings.
In the U.S., those rate hikes are already underway with the Federal Reserve announcing a 25 basis point jump in mid-March and the Federal Open Market Committee projecting as many as six more rate hikes throughout this year. This comes as the U.S. economy recovers much faster than much of the rest of the world, to the tune of 5.7 percent GDP growth in 2021.
It is in this environment that Forbes publishes its fourth annual World’s Best Banks, in conjunction with market research firm Statista. Instead of looking at balance sheets and profit and loss statements, as Forbes does for its annual list of America’s Best Banks, Statista surveyed more than 45,000 customers in 14 languages around the globe for their opinions on their current and former banking relationships.
Banks were rated on general satisfaction, as well as key metrics such as trust, fees, digital services and financial advice.
“A company’s greatest assets are its customers, because without customers there is no company,” says Tracy French, president and CEO of Conway, Arkansas-based Centennial Bank, which ranked 32nd and operates 62 branches in Texas. “Being recognized on the world stage is certainly one of the highest honors we could receive. Being named to the list for three years in a row is a testament to the efforts of our amazing bankers.”
Here are Forbes’ 2022 “Best Banks in the World” based in Texas, as well as those that have branches in the state:
|4||USAA||San Antonio, Texas|
|10||Bank of Oklahoma||Tulsa, Oklahoma|
|17||Bank OZK||Little Rock, Arkansas|
|22||Cullen/Frost Bankers||San Antonio, Texas|
|26||IBC Bank||Laredo, Texas|
|32||Centennial Bank||Conway, Arkansas|
|34||Prosperity Bancshares||Houston, Texas|
|37||Regions Financial||Birmingham, Alabama|
|44||Capital One||McLean, Virginia|
|45||PNC Financial Services||Pittsburgh, Pennsylvania|
|47||Chase||New York, New York|
|52||First National Bank Texas||Killeen, Texas|
|57||Simmons Bank||Pine Bluff, Arkansas|
|65||Woodforest National Bank||The Woodlands, Texas|
|70||Hancock Whitney Bank||Gulfport, Mississippi|
|74||Commerce Bank||Kansas City, Missouri|
Centennial Bank’s parent company, Home BancShares, was also named one of “America’s Best Banks” by Forbes in February. Little Rock, Arkansas-based Bank OZK and Pine Bluff, Arkansas-based Simmons Bank also made the list, ranking at No. 2 and No. 44, respectively. All three do business in Texas. In Oklahoma, Oklahoma City-based BOK Financial was rated 81st.
Here are the Texas-based banks that were named 2022 “America’s Best Banks”:
|6||Prosperity Bancshares||Houston, Texas|
|26||International Bancshares||Laredo, Texas|
|40||Hilltop Holdings||Dallas, Texas|
|46||Cadence Bank||Houston, Texas|
|50||Independent Bank Group||McKinney, Texas|
|55||Cullen/Frost Bankers||San Antonio, Texas|
|94||Texas Capital Bancshares||Dallas, Texas|