Washington Banking Company (NASDAQ: WBCO), the holding company for Whidbey Island Bank, today announced that it was ranked the top financial institution in the region for the third consecutive year in the Seattle Times’ 21st annual review of Northwest public companies. The company’s overall ranking as the 17th best performing company improved from #36 last year and #42 the previous year.
“Being recognized as a leader in the Northwest for our ongoing growth and profitability is an honor, particularly in light of the tough industry conditions over the past few years and the competitive nature of our business,” noted Jack Wagner, CEO and President of Washington Banking Company. “To again be recognized in this ranking as number one in the Banking category 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 2011. Additionally, Company shares must not have closed below $2 at any time during the past year. Metrics reviewed to determine company status in the list included: free cash-flow yield, return on invested capital (ROIC), asset turnover and stock-price appreciation.
Second Quarter 2012 Conference Call and WebcastWashington Banking will report second quarter 2012 results after the stock market closes on Thursday, July 26, 2012. Management will host a conference call on Friday, July 27, at 10:00 a.m. Pacific time (1:00 p.m. ET) to discuss the results. This call will also be broadcast live via the internet. Investment professionals and all current and prospective shareholders are invited to access the live call by dialing 480-629-9645 at 10:00 a.m. Pacific Time for conference ID #4549453. To listen to the call online, either live or archived, visit the Investor Relations page of Whidbey Island Bank’s website at www.wibank.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. With its two FDIC-assisted acquisitions in 2010, Whidbey Island Bank currently operates 30 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. Washington Banking was the only company in the Pacific Northwest that ranked in the top 100 best performing community banks between $500 million and $5 billion in assets by SNL Financial in 2010, and joined the Keefe, Bruyette & Woods 2010 Bank Honor Roll, based on its superior 10-year track record. Washington Banking was the highest ranked of banking companies for 2011 in the Pacific Northwest and was ranked 17 th for all public companies. www.wibank.com