Stearns Bank’s equipment finance division was ranked No. 27 in the Monitor Bank 50, marking a rise from the ranking of No. 28 it earned the year before.

Stearns recorded 9% growth in net assets during 2016 ($1,092 million). In the new business volume category, Stearns ranked No. 26 for the second straight year.

Before this ranking, Stearns was listed at No. 47 in the Monitor 100. Stearns Bank was listed at No. 50 in last year’s rankings and cracked the top 50 for the first time in 2014.

This ranking comes on the heels of Stearns Bank earning No. 1 rankings as the top-performing banks in the country from American Banker and Independent Banker in the $2 billion to $10 billion asset class based on return on average equity over a three-year period.

Stearns Bank a $2 billion, independently-owned financial institution based in Minnesota with locations in Minnesota, Florida and Arizona. Stearns specializes in small business and equipment financing nationwide.