CBSM is Only Locally-Based Bank With 5-Star Rating
Community Bank of Santa Maria continues to be strong and sound, as it received 5-stars in the most recent Star Ratings from BauerFinancial. This is the highest rating available and CBSM is the only bank headquartered in Santa Barbara County to receive this top designation.
Ratings are based on criteria including capital ratio, profitability/loss trend , evaluating the level of delinquent loans, chargeoffs and repossessed assets, the market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), historical data and liquidity.
President and CEO Jim Glines says that Community Bank of Santa Maria’s local roots mean better service for its customers. “This is the only locally-owned bank headquartered right here in Santa Maria and our customers can visit any of our offices and speak directly to a decision maker. That’s what makes us a ‘Main Street’ Bank; not a ‘Wall Street’ Bank. I’m proud of the strength and security that earned our bank this high award.”
A year earlier, Community Bank of Santa Maria received four stars, which Bauer categorizes as “Excellent” in the company’s 0-5 star rating system.
BauerFinancial, Inc. has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983. It is the source for unbiased, independent bank and credit union star-ratings. No institution pays for its rating, nor can they avoid a rating.
Community Bank of Santa Maria opened for business in 2001 and now employs 47 people in three branches. One branch is in Santa Maria, one in Oak Knolls, and one in Lompoc.