WESTERLY, R.I., March 27, 2019 (GLOBE NEWSWIRE) -- Washington Trust Bancorp, Inc. (NASDAQ: WASH) was recently named by S&P Global Market Intelligence as the #1 performing community bank in New England and ranked #33 out of the top 50 U.S. banks. S&P’s list is based on financials for the year ended December 31, 2018 and defines community banks as those with assets between $3 billion and $10 billion.
“Washington Trust is honored to be recognized as one of the top performing community banks by S&P Global Market Intelligence,” said Edward “Ned” Handy, Washington Trust Chairman and CEO. “Washington Trust is the oldest community bank in the nation and now we can proudly state that our strong performance, quality metrics, and steady growth has also earned us recognition as the top financial institution in our region.”
J.P. O'Sullivan, Managing Director of Financial Institutions at S&P Global Market Intelligence said, "Year-after-year, we see the increasingly significant role that community banks and credit unions play in their local communities. From metropolitan cities to the rural towns across the US, access to credit through local banks and credit unions is a key driver for local economic growth. The results of these rankings demonstrate that many small institutions can thrive in an increasingly competitive landscape. S&P Global Market Intelligence is extremely pleased to recognize all of the top performing community banks and credit unions."
S&P’s list is based on financials for the year ended December 31, 2018. The ranking is determined by six metrics calculated by S&P Global Market Intelligence, including; pretax return on average tangible common equity; net charge-offs as a percentage of average loans; efficiency ratio; adjusted Texas ratio; net interest margin; and loan growth.
ABOUT WASHINGTON TRUST BANCORP, INC.
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company, with $5 billion in assets as of December 31, 2018. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Corporation’s common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation’s web site at ir.washtrust.com.
MEDIA CONTACT:
Tony Nunes
Public Relations
401.348.1657
ajnunes@washtrust.com