SIB named named 1 of top banks

Published 12:01 am Tuesday, May 19, 2015

Southern Independent Bank (SIB) is ranked in the top 15th percentile of banks across the nation with assets less than $10 billion by the Seifried & Brew (S&B) bank rating service.

According to Seifried & Brew, SIB was rated so high based on its comprehensive 2014 financial statements.

SIB Senior Vice President Brett Ballard said the bank is pleased to have been named one of the top financial institutions in the nation.

“Anytime you get recognized by a company who is in the banking business, it’s very, very uplifting for us,” Ballard said. “This gives us satisfaction and just lets us know that we’re headed in the right direction, if nothing else.

“It’s pretty great,” he said.

SIB has branches in Andalusia and Opp, and opened on Dec. 4, 2006.

Ballard said at present, the bank has collected $204 million in assets. He said it’s pretty tough for newer and smaller banks to collect as much in such a short amount of time.

For both branches, there are 31 full time employees.

Ballard gave credit where it’s due.

“This is for the most part down to the employees,” he said. “They’ve got to do things right.

“We’re very, very pleased to make the top 15 percent,” he said.

SIB Bank President Buddy Wilkes said those who benefit the most from the recognition are the customers.

“Obviously, we are pleased to receive such recognition on a national level,” Wilkes said. “Particularly when a rating and honor such as this speaks to the fiscal strength and integrity of our bank, and the trust it reinforces among those we serve. The true beneficiaries of being named in a top-drawer company are are the customers who rely on us each day.”