OAK HARBOR, Wash., June 17, 2010 (GLOBE NEWSWIRE) -- Washington Banking Company (Nasdaq:WBCO), the bank holding company for Whidbey Island Bank, today announced The Seattle Times ranked WBCO sixth in its "Top 20 Companies of the Decade." The 19th annual public company review, "Best of the Northwest," ranks public companies based on shareholder returns between 2000 and 2009. Washington Banking Company generated a 270% return for shareholders during that time, ranking the Company high among all Northwest publicly traded companies.
In addition, Washington Banking Company was the top performing bank for the Northwest region, an honor it has held for the past two years. The company also placed ninth in the "Northwest Region Top 10" for its profit margin.
"Being recognized as a leader in the Northwest for our ongoing growth and profitability is an honor, particularly in light of the size and strength of the other companies in the region," noted Jack Wagner, CEO and President of Washington Banking Company and Whidbey Island Bank. "It reflects the talent and commitment of our staff to our customers and shareholders, as well as our solid earnings and strong capital position."
To be considered for The Seattle Times' "Best of the Northwest" companies have to be headquartered in Washington, Oregon or Idaho, and traded on a major stock exchange during all of 2008 and 2009. Additionally, Company shares must not have closed below $2 at any time during 2008-2009. Metrics reviewed to determine Company status in the list included: sales per employee, operating income, return on equity and stock-price appreciation.
In a separate pronouncement, the NASDAQ OMX Group announced that Washington Banking Company would be added to the NASDAQ OMX ABA Community Bank Index on June 21, 2010. This index is designed to track the performance of banks and thrifts, or their holding companies, listed on The NASDAQ Stock Market®. The Index is intended to serve as a benchmark for investment products by including the larger and more liquid community banks. The NASDAQ OMX ABA Community Bank Index is reviewed on a semi-annual basis. For more information about the NASDAQ OMX ABA Community Bank Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
ABOUT WASHINGTON BANKING COMPANY
Washington Banking Company is a bank holding company based in Oak Harbor, Washington, that operates Whidbey Island Bank, a state-chartered full-service commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers' financial needs. Whidbey Island Bank operates 26 full-service branches located in six counties in Northwestern Washington. In June 2009, Washington Banking was added to the Russell 2000 Index, a subset of the Russell 3000 Index. Both indices are widely used by professional money managers as benchmarks for investment strategies.
This news release may contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements describe management's expectations regarding future events and developments such as the transition of City Bank operations, employees and customers, future operating results, BOLI contributions to revenue, availability of acquisition opportunities, growth in loans and deposits, credit quality and loan losses, and continued success of the Company's business plan. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The words "anticipate," "expect," "will," "believe," and words of similar meaning are intended, in part, to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are subject to risk and uncertainty that may cause actual results to differ materially. In addition to discussions about risks and uncertainties set forth from time to time in the Company's filings with the Securities and Exchange Commission, factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, among others: (1) local and national general and economic condition; (2) changes in interest rates and their impact on net interest margin; (3) competition among financial institutions; (4) legislation or regulatory requirements; (5) the ability to realize the efficiencies expected from investment in personnel and infrastructure; and (6) the inability to retain City Bank customers or employees and expenses associated with the integration of acquired City Bank operations. Washington Banking Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made. Any such statements are made in reliance on the safe harbor protections provided under the Securities Exchange Act of 1934, as amended.