Best Banks to Work For 2023 with more than $10B of assets

November 28, 2023 1:11 PM

Out of the 90 institutions on American Banker's Best Banks to Work For ranking this year, 11 of those institutions had more than $10 billion of assets. This included Pinnacle Financial Partners. At $46.8 billion of assets, the Nashville, Tennessee-based bank was the largest by assets to make the ranking in 2023.

Continue on to find out more about this year's winners in the largest asset category. Note: Asset sizes are from the Federal Deposit Insurance Corp. as of June 30. Employee head counts were provided by the banks.

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Employees enjoy an outing ax throwing.

United Community Bank

Greenville, South Carolina
Assets: $26.1 billion
Chairman and CEO: Lynn Harton
No. of U.S. employees: 3,071

During COVID-19, United Community Bank in Greenville, South Carolina, formed a foundation to improve the financial well-being of its communities. The four pillars of the United Community Foundation are: economic empowerment, which includes advancing small businesses and financial literacy; artistic expression, which inspires communities through the arts; housing strategies, which means helping people get on the right track to owning a home; and youth development, which focuses on preparing future leaders.

Last year, the effort supported almost 200 organizations and has given out nearly $825,000 since it was founded in 2020. Additionally, the bank has a "Together for Good Council," a volunteer group that helps with United's philanthropic efforts. "This group is composed of employees across the footprint who aim to amplify the good work being done and ensure that we stay true to serving our local communities as we grow," said Lynn Harton, chairman and CEO.

Members of Busey Bank’s executive team hand out awards at the 2023 Youth Run finish line in University of Illinois’ Memorial Stadium.

Busey Bank

Champaign, Illinois
Assets: $12.2 billion
Chairman and CEO: Van Dukeman
No. of U.S. employees: 1,378

Busey Bank has a three-pronged approach to ensure that its culture shines throughout the organization. It starts with recruitment. The Champaign, Illinois, bank works with various recruiting platforms and local recruiting efforts to reach an expanded talent pool. Second, Busey invests in training its new hires and veteran employees. It has spent more than $6 million in training and development since 2014, and over the last two years, staff members have gone through more than 60,000 hours of training, according to the bank.

Finally, management recognizes staff members for their hard work through individualized feedback. This is done through both peer-to-peer and supervisor-to-employee feedback programs.

FirstBank employees from Oglethorpe, Georgia, participate in Color Chattanooga Pink! week, which raises awareness about breast cancer.

FirstBank

Nashville, Tennessee
Assets: $12.9 billion
President and CEO: Christopher Holmes
No. of U.S. employees: 1,366

Last year, employees at FirstBank in Nashville, Tennessee, logged 9,250 volunteer hours and helped more than 400 organizations, such as the American Red Cross, the Boys & Girls Club, Habitat for Humanity and the Make-A-Wish Foundation. The company also donated $15,000 to Second Harvest Food Bank to set up the FirstBank Food Pantry at STEM Prep Middle School. The food pantry has served almost 600 individuals.

"Our dedicated team is passionate about volunteering and giving back to the local organizations that are close to home and our hearts," said Christopher Holmes, president and CEO.

First Merchants Bank

Muncie, Indiana
Assets: $18 billion
CEO: Mark Hardwick
No. of U.S. employees: 2,182

Mark Hardwick took over as CEO of First Merchants Bank in Muncie, Indiana, two years ago and at that time, decided to expand its leadership team from four to 15. He also added an emphasis on a "brand-focused cultural transformation," he said.

"Our brand is about being more attentive to our employees, customers and community than any other bank," said Hardwick, who noted that he has worked for the bank for 26 years — half of his life. "Leading a brand-focused culture became our No. 1 strategic priority, concentrating on attentiveness, inclusivity, teamwork, performance management, career development, rewards and work-life balance. We've deliberately strengthened our brand, engaged our teams and improved our culture positioning First Merchants as the best place to work."

TowneBank

Suffolk, Virginia
Assets: $17.2 billion
President and CEO: William I. "Billy" Foster III
No. of U.S. employees: 1,760

Management at TowneBank works hard to make sure every employee feels included at the bank, and there is no sense of hierarchy. For instance, the Suffolk, Virginia, bank's executive chairman, G. Robert Aston Jr., is known as Bob to everyone and President and CEO William I. Foster III is simply, Billy.

Enterprise Bank & Trust

Clayton, Missouri
Assets: $13.8 billion
President and CEO: Jim Lally
No. of U.S. employees: 1,185

Enterprise Bank & Trust in Clayton, Missouri, offers career acceleration programs for employees who are new to banking to develop a strong foundation in the field and to learn more about credit, loans and lending through job shadowing and hands-on experience.

Seacoast Bank

Stuart, Florida
Assets: $15 billion
President and CEO: Charles "Chuck" Shaffer
No. of U.S. employees: 1,534

Last year, Seacoast Bank's employees got together for the first time since COVID-19 at town halls organized across the company's footprint. The days focused on the organization's growth strategy and shared culture, and included networking, a photographer taking headshots, a fireside chat with the executive leadership team and engagement activities tied to Seacoast's purpose statement and values.

This was followed by local market events hosted by market leaders with a focus on partnership, recognition and service through the rest of 2022 and into this year. The work seems to have paid off. Charles "Chuck" Shaffer, president and CEO of the Stuart, Florida, institution, noted that a recent engagement survey results found that 95% of employees believe in the company's mission, 94% are willing to give extra effort to help Seacoast succeed and 93% believe the bank will be successful in the future.

SouthState

Winter Haven, Florida
Assets: $44.9 billion
CEO: John Corbett
No. of U.S. employees: 5,172

SouthState in Winter Haven, Florida, touts its generous paid time off policy as one of the perks of working there. Employees get 11 holidays, a minimum of 20 and up to 30 vacation days and four volunteer days each year. They are also eligible for eight weeks of paid critical care time for themselves or to take care of a family member and six weeks of paid parental leave.

Origin Bank

Ruston, Louisiana
Assets: $10.1 billion
Chairman, president and CEO of Origin Bancorp: Drake Mills
No. of U.S. employees: 894

Origin Bank conducts quarterly confidential surveys to allow staff members to provide anonymous feedback to senior management. This is just one way that the Ruston, Louisiana, company works to ensure its culture permeates the organization. New hires also go through "culture orientation" where executives talk about what it means to be a part of Origin Bank and annual culture celebrations highlight achievements from the past year.

"We have had great successes and encountered our share of challenges," said Drake Mills, chairman, president and CEO of Origin Bancorp, the bank's parent company. "What has always been at the center of who we are as an organization is our deep commitment to culture and a passion to be there for our employees, customers and communities when they need us most."

Bell Bank

Fargo, North Dakota
Assets: $13.4 billion
President and CEO: Michael Solberg
No. of U.S. employees: 1,142

Bell Bank said it has had the same simple mission statement for decades: "Happy employees! Happy customers!"

The Fargo, North Dakota-based company keeps its workers happy through a variety of ways. For instance, President and CEO Michael Solberg sends out a weekly email to all staff members outlining the company's strength and stability, plans for growth and recognition of individual service and achievement. He also holds annual in-person town hall meetings.

Employees are encouraged to "catch" their colleagues in the act of providing exceptional service or doing acts of kindness. These staff members then receive a "How Bell of You" recognition and the stories are shared internally. The bank also added this year a bimonthly call for "Bell Culture Champions" with managers or someone else that they designate from their team. The call, joined by Bell's chief culture officer, discusses upcoming events and other culture-related matters.

"When you take great care of your employees by treating them like family, and giving them career opportunities in a place where they're proud to work, they, in turn, take amazing care of our customers," Solberg said. "We've seen it time and time again, and as much as we've grown, we always want to make sure we put our culture and people first."

Pinnacle Financial Partners

Nashville, Tennessee
Assets: $46.8 billion
President and CEO: Terry Turner
No. of U.S. employees: 3,218

During new hire orientation, Pinnacle Financial Partners highlights a certain quote: "Culture eats strategy for lunch."

"Don't get me wrong — we absolutely employ strategies — but first we ensure we have a culture that encourages associates to put forth incremental effort to execute those strategies," said Terry Turner, president and CEO of the Nashville, Tennessee, bank.

A dozen senior leaders attend the three-day orientation to help these new staff members understand their role within the bank. Overall, managers encourage their employees to act like owners and have fun along the way.

"Every associate at Pinnacle knows they own our culture. It's not up to leaders," Turner added. "Culture belongs to all of us."