PIKEVILLE, Ky. – Community Trust Bancorp, Inc. was named by Forbes magazine for the fourth time as one of “America’s 50 Most Trustworthy Financial Companies.” Community Trust received a score of 99 out of a possible 100 points.
The Forbes list, released on April 28, 2017, includes publicly-traded North American banks and insurance companies. According to Forbes, “In looking for trustworthiness, MSCI ESG Research calculated the companies’ AGR ratings — “Accounting and Governance Risk” — the composite scores by which organizations are judged. Factors considered include high risk behaviors like regulatory actions, amended filings, revenue and expense recognition methods, and bankruptcy risk.”
“In rating the companies, each firm begins with 100 points and then points are taken off for blips or haziness or opaqueness in its financials,” Agnes Grunfeld, vice president at MSCI, said. “Mainly, AGR looks for risk factors that indicate the financial statements might be misleading.
“We’re looking for extreme values in a large set of ratios. We’ve got about 55 metrics and about two-thirds are accounting ratios—everything comes from public information.”’
Forbes also noted, “Community Trust Bancorp, founded in Kentucky, is also a noteworthy appearance on the list. It has graced our roster of trustworthiness over the past three years and in this latest quarter earned an almost perfect AGR score of 99 points. In fact, Community Bancorp has earned an average of 99 points for the past four financial quarters.”
“We are pleased and humbled that Community Trust has been recognized once again in this Forbes survey,” said Jean R. Hale, chairman, president, and CEO of Community Trust Bancorp, Inc. “Stewardship of our Company’s shareholder assets is a fundamental responsibility which we strive to discharge through stringent corporate governance and accounting processes. Community Trust strongly believes in serving its constituents, its shareholders, its customers, its employees and its communities with the core values of fairness, respect and integrity. Our history of investment returns continues to demonstrate the viability of our stock as a long-term core value investment.”
Community Trust Bancorp, Inc. has been a member of the NASDAQ Global Select Market since its inception in 2006. The NASDAQ Global Select Market has the highest initial listing standards of any exchange in the world based on financial and liquidity requirements. Prior to 2006, CTBI had been listed on the NASDAQ National Market.
The full Forbes article may be found online: https://www.forbes.com/sites/karstenstrauss/2017/04/28/americas-50-most-trustworthy-financial-companies/#38acad822d37
Founded in 1917, Forbes magazine, along with forbes.com, is an authoritative source of news and information on business, investing, technology, entrepreneurship, leadership, and affluent lifestyles. The Forbes brand reaches millions of people worldwide with its business message each month through its magazines and licensed local editions around the globe, including Forbes.com, TV, and conferences.
Community Trust Bancorp, Inc., with assets of $4.0 billion, is headquartered in Pikeville, Ky. and has 70 banking locations across Eastern, Northeastern, Central, and South Central Kentucky, six banking locations in southern West Virginia, four banking locations in Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.