Among significant press releases, a recently released joint statement by the Secretary of the Treasury, Federal Reserve Board Chair, and FDIC Chairman stated that they have decided to take critical actions toward preserving the US Economy through the enhancement of the public’s confidence in the US banking system.
One such step will involve the protection of depositors by allowing access to all of their money from March 13, 2023, thus protecting them against losses associated with the recent resolution of Silicon Valley Bank.To enhance support for the public, the Federal Bank also announced that it would make additional funding to eligible depository institutions to assist banks in meeting the financial needs of all their depositors.
This effort demonstrates the importance of banking with a bank that can protect your money and provide you with the most benefits in the case of an unfortunate event. It also highlights the importance of weighing the pros and cons of each bank. Business banking accounts are well-recommended since they can offer a wide range of benefits. As an entrepreneur or small business owner, you’ll want to find one of the best US bank accounts that suit your personal and business needs.
The Difference between Personal and Business Banking
Personal and business banking are two different products that banks offer. In terms of personal vs. business banking, business accounts give you much more flexibility in terms of managing your finances. They could also be a better option if you want to start a new business or move your existing business to a new bank.
Let’s look at some of the current high-ranking banks for businesses in the United States.
1. CVB Financial Corp
Topping the list again, CVB Financial Corp. has been considered one of the best business banks in the US. The Ontario-based company provides banking services such as unsecured debt issuance, secured loans and leases, commercial credit lines, letters of credit, interest rate caps and floors, foreign exchange derivatives, stock purchase plans, business processing outsourcing services, factoring services and related trade receivables financing arrangements. Last year their net profit increased by 11%, and with their successful network of about 60 branches, it is no surprise why this bank is considered one of the best in the nation.
2. First Financial Bankshares
One of the top ten largest banks in North Carolina, First Financial Bankshares, Inc., is a bank holding company subsidiary of First Financial Bank, offering consumer, commercial, and small business banking services. With a long history of successfully paying stable dividends and a steady growth of distributions with rare cases of falls from 2013 to 2023, it is no wonder why FFB is up there with the top bank giants.
3. Enterprise Financial Services
With over 4.2 million customers, approximately $26 billion in assets under management, and over $9 billion in deposits, Enterprise Financial Services provides various products and services tailored to the unique needs of its customers. The bank also offers a variety of products and services to help businesses grow, including commercial loans and credit cards with competitive rates and flexible options.
4. Columbia Bank
With a recorded full year net income of $250.2 million and diluted earnings per share of $3.20, Columbia bank truly strives to bring their customers the very best. Specializing in personal, business, and wealth management, the bank offers its clients a wide range of banking options such as check accounts, savings accounts, credit cards, and digital banking options, including personal loans, home loans, foreign currency, professional banking, treasury management, merchant card services; international banking; financial services; private banking; and trust and investment services.
5. Bank OZK
Headquartered in Little Rock, Arkansas, OZK bank is well-recognised as being one of the best performing banks in terms of asset size, with $25.92 billion in assets as of June 2022. Strong features include their deposit services such as checking, savings, money market, time deposit, and individual retirement accounts. The bank also provides loan services, including types of real estate, consumer, commercial, industrial, and agricultural loans.
Choosing the right bank for you
Suppose you are considering opening a new bank account, it is probably wise that you should first consider your business or personal banking needs and whether a specific bank could meet them. This guide serves as a suggestive guideline on what could be the most successful banks for 2023 thus far, and who knows, one of these options could be what sets your business apart from the rest. With everything going on at the moment in the globalized economy and in cases such as the resolution of Silicon Valley Bank, it is becoming more evident that now is a critical time to make the right choice on who to bank; the longevity of your business may depend on it.