Only Rhode Island Bank Recognized for Exceptional 10-Year
WESTERLY, R.I.--(BUSINESS WIRE)--
Washington Trust Bancorp, Inc., the parent company of The
Washington Trust Company, announced today that it has been selected by
Keefe Bruyette & Woods Inc. for their “2011 Bank Honor Roll” of superior
performers. The Honor Roll, published by Melissa Roberts, KBW senior
vice president and analyst, includes 45 banks and thrifts that have
performed strongly over the past 10 years. Washington Trust, the largest
independent bank headquartered in Rhode Island, is the only Rhode Island
Bank included in the KBW Honor Roll.
“We are honored to be selected to the KBW Honor Roll for our
10-year performance,” said Joseph J. MarcAurele, Washington Trust
Chairman, President and Chief Executive Officer. “Washington Trust is a
solid institution with a strong history, which has continued to grow and
remain profitable during challenging economic times.”
The report limits eligibility to banks with more than $500 million
in assets that have reported no annual loss per share before
extraordinary items over the last 10 years. Additionally, candidates
must have reported net income per share in 2011, before extraordinary
items, equal to or greater than the peak net income per share over the
past 10 years; and consecutive increases in net income per share, before
extraordinary items, since 2009. KBW found that only 45 banking
institutions, out of nearly 400 total companies screened, now qualify
for inclusion on the KBW Bank Honor Roll.
The report notes that companies on the honor roll strongly
outperformed the KBW Bank Index and the KBW Regional Banking Index
between 2006 and 2011, which have compound annual growth rates of
negative 19.6% and negative 13.2%, respectively, over that period. The
average price depreciation for honor roll banks over that period was
0.9%, compounded annually.
The Bank Honor Roll is a way for KBW to acknowledge companies that
have managed to successfully navigate a variety of obstacles as they
have arisen, despite difficult conditions in what remains a
growth-challenged environment. In terms of stock price performance, Bank
Honor Roll companies significantly outperformed both the banking
industry and the overall stock market during the five-year period
between 2006 and 2011.
Despite posting an average price depreciation of 0.9% compounded
annually, the KBW Honor Roll banks outperformed both the KBW Bank Index
(BKX) and the KBW Regional Banking Index (KRX) five-year compounded
annual growth rates of -19.6% and -13.2%, respectively.
The Honor Roll banks also meaningfully outperformed the S&P 500
(SPX) return of -2.4% over the equivalent time period.
In September 2011, Washington Trust was listed on Sandler O’Neill
+ Partners’ “2011 Bank and Thrift Sm-All-Stars” report as one of the top
25 small-cap institutions in the United States.Washington
Trust was also ranked #40 on the Bank Director magazine’s annual
Bank Performance Scorecard list of the top 150 publicly-listed banks in
America in May 2011.In both cases, Washington Trust was
the only Rhode Island bank selected.
KBW, Inc. operates in the U.S., Europe and Asia through its broker
dealer subsidiaries, Keefe, Bruyette & Woods, Inc., Keefe, Bruyette &
Woods Limited and Keefe, Bruyette & Woods Asia Limited. Celebrating its
50th anniversary, KBW has established itself as a leading independent
authority in the banking, insurance, brokerage, asset management,
mortgage banking, real estate and specialty finance sectors. Founded in
1962, the firm maintains industry-leading positions in the areas of
research, corporate finance, mergers and acquisitions as well as sales
and trading in equities and debt securities of financial services
About Washington Trust
Trust Bancorp, Inc, is the parent of The
Washington Trust Company, a state-chartered bank
headquartered in Westerly, Rhode Island.Founded in 1800, Washington
Trustis the oldest community bank in the nation and is
the largest independent bank headquartered in Rhode Island. Washington
Trust offers a full range of financial services, including commercial
business banking, personal
banking, and wealth
management and trust services through its offices
located in Rhode Island, southeastern Connecticut and eastern
Massachusetts. The Corporation’s common stock trades on The NASDAQ
Global Select® Stock Market under the symbol WASH.Investor
information is available on the Corporation’s web site: www.washtrust.com.
Washington Trust Bancorp, Inc.
Elizabeth B. Eckel,
Senior Vice President,
Marketing and Investor
Source: Washington Trust Bancorp, Inc.