Local bank uses conservative economic policies to keep its good rating
By Kyle LoJacono
Staff Writer
ZEPHYRHILLS — Despite the banking industry suffering during the recent economic downturn, First National Bank of Pasco continues to rate highly.
“We’ve had a five-star rating for the last three years and have been in good financial shape for much longer than that,” said Kerry Westbrook, bank senior vice president and chief financial officer. “Our capital has always been good, and we are also a top-five rated bank in the state.”
Westbrook, of Zephyrhills, has worked in the banking industry for more than 30 years, the last eight with the FNB of Pasco.
The five-star rating superior was awarded by Bauer Financial Inc., an independent bank rating and research firm. Only 21 banks in Florida received a five-star rating.
“First National Bank of Pasco’s ability to earn our five-star superior rating speaks to its strength, stability and longevity,” said Karen Dorway, president of the research firm. “In a banking environment that is struggling with loan quality and delinquencies, it is an honor and a pleasure to recognize First National Bank of Pasco and the values it represents.”
FNB of Pasco was founded in 1986 with two locations, one in Zephyrhills and one Dade City. A second Zephyrhills location was added in 1999.
“The real reason we’ve been able to keep the rating for three years is we are more conservative with our practices than some other banks were,” Westbrook said. “We stuck to tried and true methods of banking that have worked for hundreds of years and will continue to work in the future. It’s those basic banking principles that have worked for us…The rating shows that we run a tight, conservative ship here.”
On the negative side, 40 state banks received a zero-star rating from the research firm.
Westbrook continued to say FNB of Pasco never gave sub prime loans, such as interest-only loans, high adjustable interest rate loans or other high risk lending that got other banks into financial trouble.
“We’ve had some past dues happen, but we try to work with our customers as much as possible,” Westbrook said. “We pride ourselves on being a community bank first, and as a member of the community we want to do as much as we can to help our neighbors. I’ve worked in bigger national banks, and I can say without question community banks are much better to work for and for the community.”
To see where other local banks rank, visit www.bauerfinancial.com and click the star rating tab on the top the Web site.
For more information on FNB of Pasco, visit www.fnbpasco.com.
Other Florida banks that received a five-star rating
- American National Bank in Oakland Park
- Bank of Belle Glade in Belle Glade
- Bank of the South in Pensacola
- City National Bank of Florida in Miami
- Community State Bank in Starke
- Drummond Community Bank in Chiefland
- First Federal Bank of Florida in Lake City
- First National Bank of South Miami in South Miami
- First National Bank of Wauchula in Wauchula
- First Navy Bank in Pensacola
- Friends Bank in New Smyrna Beach
- Gulfsouth Private Bank in Destin
- Hillsboro Bank in Plant City
- Intercontinental Bank in West Miami
- Madison County Community Bank in Madison
- Peoples Bank of Graceville in Graceville
- Peoples State Bank in Lake City
- Sunshine State Federal Savings and Loan in Plant City
- Valrico State Bank in Valrico
- Warrington Bank in Pensacola
