A number of larger banks with operations in Delaware rank high in serving middle market and small business companies.
The ranking came from the Greenwich Best Brands in Middle Market & Small Business Banking report.
Every year, Greenwich draws on its research among U.S. small businesses and middle market companies to come up with the list of top banks.
Topping the Middle Market rankings were the following banks with a Delaware presence – Bank of America Merrill Lynch, Chase, PNC Bank, US Bank, and Wells Fargo.
“Middle market companies are becoming more confident about the future, so they are borrowing more and thinking about expansion,” says Greenwich Associates consultant Marc Harrison. “As they do so, they are putting their confidence in big national banks with proven ability to deliver high-quality, sophisticated capabilities across credit, cash management, trade finance, foreign exchange, and other essential services.”
The winners for 2015 in the Small Business category that have a presence in Delaware included Bank of America Merrill Lynch, Chase, Citibank, M&T Bank, PNC Bank, , TD Bank and Wells Fargo.
The performance of regional banks can be attributed in large part to customer service and capabilities of relationship managers that help differentiate these banks’ brands from those of larger rivals, the report indicated.
Greenwich noted that banks face a tough regulatory environment that makes working with small and middle market companies more difficult.
“In today’s market, banks must contend with many regulations and compliance requirements that have a significant impact on ease of doing business, but are largely beyond their control,” says Greenwich Associates consultant Don Raftery. “The regional banks that appear on our list of 2015 Best Brand Award winners have focused on relationship manager quality and other factors that are within their control to improve the customer experience for small businesses.”
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This survey was confined to larger banks.