Worcester-based Commerce Bank has received the highest designation of "Blue Ribbon Bank" for its financial strength from VERIBANC Inc., a national banking analysis firm.

The rating is based on the bank’s strong performance for the quarter ended Dec. 31, 2008, making it one of the top banks in the country, according to VERIBANC’s ratings.

The Blue Ribbon Bank award is based on more than 20 tests of an institution’s financial strength. Among the areas considered are its balance sheet, income statement, loan portfolio, compliance with federal capital requirements, off-balance sheet exposure and the condition of any affiliated banks. 

"We are pleased to receive the Blue Ribbon Bank award, which places Commerce Bank among the country’s strongest financial institutions," said Commerce Bank President and CEO Brian W. Thompson.  "At a time when people are concerned about the safety of their banks, this award is a testimonial to our financial soundness and our ability to serve the needs of our customers, who can bank with us with confidence."