Attributes success to making under-banked industries safer
DELAND, FLA., May 27, 2022 –Surety Bank was recently ranked as the number one bank in Florida in the areas of return on average assets (ROAA) and return on average equity (ROAE) according to the Hovde Group, a U.S.-based financial advisory firm. The report was sent out by the Hovde Group reflecting first quarter results from various categories of banks that are headquartered in the state of Florida. The DeLand-based bank rated a 2.21% ROAA among all asset classes in Florida while the second-place finisher in the same category attained a 1.5% ROAA. Surety also rated a 25.12% ROAE while the runner-up finished with a 16.59% ROAE.
“This is just a testament to our efficiencies with using technology and hiring the right people for the right role,” said Surety Bank CEO, Ryan James. “We’ve done things differently than other banks for years, and this ranking is evidence of that,” he added.
Surety Bank’s business model is unlike most banks in that they serve industries that are underserved by other banks. Yes, Surety has strengthened its loan portfolio and offers traditional products, but the bank has filled in revenue gaps with alternative revenue streams. Most notably, James and his team provide solutions for three main industries that negate the impact of fraud and criminal activity.
Banks have traditionally shied away from cryptocurrency and vice versa. Since 20xx Surety has banked cryptocurrency automated teller machines (ATMs). Instead of withdrawing cash like a typical ATM, Bitcoin ATMs allow customers to deposit cash in exchange for Bitcoin that may be used on the blockchain network. Surety manages the back end of these ATM machines. This also allows for Surety to monitor transactions to a degree to make transactions safe from nefarious players using cryptocurrency for criminal activity.
Money Service Businesses
For many unbanked individuals, money service businesses (MSBs) are the only way to gain access to their money. Some people choose to be unbanked, but others lack the regular income to hold an account. Regardless of why people use them, MSBs, traditionally known as “check-cashing” companies, perform a vital function for communities. Like Bitcoin ATMs, Surety Bank provides back end banking support to MSBs so they can continue to service an unbanked clientele in a safe and secure manner.
Because cannabis is legal in some states but not federally, most large banks refuse to do business with cannabis-related companies. As a result, most dispensaries across the country operate as cash-only businesses. Any time a business holds large amounts of cash, it opens itself up to theft, which is precisely the concern that has led politicians to push for the SAFE Banking Act. Surety is working with cannabis companies to provide legal banking services, thereby helping these companies do business safer.
“By leaning into these industries traditionally considered “high-risk” we are making it safer for these companies to do business by cracking down on fraudulent activities,” said James. “It’s making a difference and the Hovde Group report and ranking reflect the work we’ve put into this.”
Surety Bank continues to seek out new opportunities to help underserved businesses and communities reach their potential.
About Surety Bank
With three branches in Central Florida as well as a national digital presence, Surety Bank serves the community with a personalized approach to service. With experience beginning 91 years ago, when a business loan was confirmed with a handshake, Surety Bank always puts clients’ needs first.
For more information, please visit https://www.mysuretybank.com/