FDIC Ranks Platinum Bank As Fastest Growing Twin Cities Bank Under $1B in 2010

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Platinum Bank Grows 18.4 percent from January to December 2010 when average annual performance for 82 banks its size trend in the red. The bank ends the year with the best performing loan portfolio, as calculated by the texas ratio.

“We are confident that Platinum Bank will continue to be a key partner to small businesses as they set plans in motion to launch new products or services or expand in the coming year.” —David Rom, President, CEO

For the second straight quarter, Platinum Bank is ranked among the top cleanest banks in Minnesota and has posted top growth among 83 community banks with assets under $1 billion in the seven-county metro area, according to the FDIC Quarterly Call Report for the fourth quarter of 2010. For its size, Platinum Bank was the number one growth bank by dollars in loan growth.

The bank completed 2010 with the seventh best-performing loan portfolio as calculated by the texas ratio. While Platinum Bank grew a healthy 18.4 percent from January to December 2010, the average performance of all 83 Minnesota metro banks with under $1 billion in assets was actually negative 16.35 percent.

“Platinum Bank is continuing to show solid growth in lending when other banks have circled the wagons and called in customer loans and lines,” said David Rom, President and founding CEO. Platinum Bank received its charter in 2007 and is located in Oakdale, Minnesota, a suburb of Saint Paul. It was the only new bank in the state of Minnesota that year. Rom and Marc Cove, Senior Vice President, brought years of commercial and retail banking experience to the founding of Platinum Bank. Their primary goal is to apply traditional philosophies and approaches to community banking, a strategy that is paying off, according to Rom.

Platinum Bank credits its growth to consistent lending to well-qualified small businesses and capital ratios well above FDIC requirements. The bank has grown and met financial projections in the midst of a dismal banking environment of bad debt and tarnished credibility.

“We are confident that Platinum Bank will continue to be a key partner to small businesses as they set plans in motion to launch new products or services or expand in the coming year,” Rom said.

Platinum Bank provides both consumer and business banking products and services, including convenient online banking and remote business services. The bank ended 2010 with assets of $103 million. For more information, visit http://www.platinumbankmn.com or call 651-332-5200.

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Christine Nelson
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