Washington Trust Named Top Community Bank in New England
GoLocalProv Business Team
Washington Trust Named Top Community Bank in New England
“Washington Trust is honored to be recognized as one of the top-performing community banks by S&P Global Market Intelligence. 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,” said Edward “Ned” Handy, Washington Trust Chairman and CEO.
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.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“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,” said J.P. O'Sullivan, Managing Director of Financial Institutions at S&P Global Market Intelligence.
The Method
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.
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