Unedited news and product information from vendors.
Public Savings Bank Fee Income Far Exceeds Peers
Dec 03, 2010 (07:12 AM EST)
HUNTINGDON VALLEY, Pa., Dec. 3, 2010 /PRNewswire/ -- Public Savings Bank's tremendous success delivering non-interest income through payment solutions and plastics as compared to its national competitors was validated in a 2010 benchmarking study by SWS Associates, LLC.
Public Savings Bank generated 4.35% of its average assets as non-interest income in 2010. During the same period, its peers nationally generated only .30% of average assets in non-interest income.
Income generated from deposit accounts was 8 times higher than peers at 0.64% of average assets, vs. 0.08% for peers.
"This study validates our growth strategy," said Jack Miller, CEO of Public Savings. "We set out to build a very different bank -- a bank whose success is based on offering valuable, fee-based products to our customers, not just holding on to their money. We're thrilled that outside evaluators are recognizing our financial success."
The benchmarking study compared Public Savings Bank's financial performance through 3Q 2010 to a national peer group of all FDIC Insured Savings bank's with assets less than $100M.
"We're on an upward trajectory for growth and success," said Miller, "and this study confirms our direction. We expect even greater results in the coming years."
About Public Savings Bank
Internet-based Public Savings Bank (PSB) was founded in 1928 and was purchased by the current management group in 2006. Our corporate office is located in Huntingdon Valley, Pennsylvania, just outside of Philadelphia.
We believe in giving businesses and consumers fast, easy, and convenient ways to manage their money and their credit. We operate depository services on a national basis through leading technology. Our job is to bring the bank to you, our customer. We also offer a Secured Credit Card product for customers focused on building their credit responsibly.
For more information about Public Saving Bank, please call 888-8-PUBLIC (888-878-2542) or visit http://www.PublicSavings.com.
SOURCE Public Savings Bank