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First Service named ‘best bank’

First Service named ‘best bank’

First Service Bank recently received special recognition earned by only one Arkansas financial institution.

“It is a tremendous honor to be recognized by American Banker Magazine as one of the 2023 Best Banks to Work For,” said Tom Grumbles, chief executive officer and board chairman at FSB. “It is especially meaningful because of the outstanding group of associates we have at First Service.”

American Banker partnered with Best Companies Group to identify banks that excel at creating positive and supportive workplaces for employees. In 2023, 90 banks earned a spot in the ranking of Best Banks to Work For, based on an anonymous employee survey and a thorough review of the benefits and perks offered. 

First Service was ranked 50th on the list of 90 banks awarded across the country and was the only bank in the state of Arkansas to receive this award.

“The banks recognized on this list are trying hard to create workplaces that employees want to join,” said Chana R. Schoenberger, editor-in-chief of American Banker. “Especially during this moment when companies are experiencing a shift in how, where and how much employees work, banks are paying attention to how they can best retain their people.”

The awards program is designed to identify and honor banks with the best cultures for helping employees thrive.

Determining the Best Banks to Work For involved a two-step process. The first consisted of evaluating each participating bank’s workplace policies, practices and demographics. This part of the process was worth approximately 25 percent of the total evaluation. The second consisted of employee surveys aimed at assessing the experiences and attitudes of individual employees with respect to their workplace. This part of the process was worth approximately 75 percent of the total evaluation. The combined scores determined the final ranking. 

To be considered for participation, banks had to have been in business for a minimum of one year and have at least 50 employees working in the U.S. Best Companies Group managed the registration and survey process and also analyzed the data to determine the final ranking.  

For the full 2023 Best Banks to Work For list, visit

American Banker empowers banking professionals with unique analysis and insight into the ideas transforming their business and industry. Across its journalism, events, research and benchmarking, it helps drive the way forward through the complexity of business innovation, retail and commercial disruption, technology, regulation and reform. With a banking community 850M strong, American Banker’s content connects leaders online, in person and in print every day.

Since 2004, Best Companies Group has specialized in identifying and recognizing great employers. It is an independent research firm that ranks companies based on established research methodology. Surveys provide actionable, hard-to-obtain data that companies use to improve employee recruitment and retention.

With its headquarters in Faulkner County, First Service Bank has been in operation for more than 60 years. FSB has locations in Clinton, Conway, Dermott, Flippin, Greenbrier, Little Rock, Mountain View, Shirley, Yellville, and coming soon to Maumelle. For more information, visit