Community banks like CVB Financial thrive, while trillion-dollar giants like Wells Fargo slide.
by the Consumer Financial Protection Bureau. The sweeping order covered illegal fees and mishandling of auto loans, failures to grant mortgage modifications, and surprise overdraft fees on checking accounts. The bank has been plagued by criticism of its treatment of consumers since 2016, when its opening of millions of accounts–without customers’ consent–came to light. It said in athat it has “accelerated corrective actions and remediation since 2020,” eating into its profits.
That’s not a problem for CVB Financial, which specializes in serving businesses with up to $300 million in revenue in Southern and Central California, though it also offers typical accounts for individuals. Next up, Abilene, Texas-based First Financial Bankshares is debuting at No. 2 as the top-performing consumer-focused bank on the list. It finished 2019 with $8.3 billion in assets, but it now has $13.1 billion and serves 350,000 Texans after the pandemic supercharged its growth. Chairman and CEO Scott Dueser, who has worked for the bank since 1976 right out of college at Texas Tech, says its average net new accounts added in the years prior to the pandemic was about 5,000.
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