Worcester’s Commerce Bank has received the Blue Ribbon Bank award for a sixth consecutive quarter by national banking analysis firm Veribanc Inc.
Veribanc uses more than 20 tests to determine a bank’s financial strength, which include taking into account the bank’s balance sheet, income statements, loan portfolio, compliance with federal requirements, off-balance sheet exposure and condition of affiliated banks.
The Blue Ribbon Award is the highest designation given out by Veribanc.
Commerce has 12 branches across Central Massachusetts and ended 2009 with $1.2 billion in assets.
