West Bank ranks again on top-performing list; site work to start on new headquarters
BUSINESS RECORD STAFF Mar 28, 2022 | 8:15 pm
1 min read time
243 wordsAll Latest News, Banking and FinanceWest Bank was recognized for a second consecutive year as one of the 50 top-performing large community banks in the country in 2021, as ranked by S&P Global Market Intelligence. The West Des Moines-based bank was ranked No. 13, and was the only Iowa bank on the list. S&P Global evaluated 191 top-tier banks and thrifts with between $3 billion and $10 billion in assets to come up with the top-ranked banks. Six banking industry metrics were evaluated to derive a performance score for each bank. “It’s nice to get that kind of recognition for our performance,” West Bank’s chairman and CEO Dave Nelson said. The bank’s parent company, WestBancorporation Inc., in January 2021 reported full-year net income of $49.6 million, or $2.95 per diluted common share, compared with 2020 net income of $32.7 million, or $1.98 per share. In November, West Bank announced plans to construct a new four-story, 62,000-square-foot headquarters on Westown Parkway in West Des Moines. Nelson said the company is now nearing completion of the design phase for the project. “You will hopefully see the start of some demolition and site cleanup during late April,” he said. Four existing buildings will be demolished to make way for the new building. “As you know, a redevelopment always provides a set of unique challenges and adds both cost and complexity to a project,” Nelson said. “However, we think turning something blighted into something special is a strong example of community leadership.”