In the June 2008 issue of “US Banker” magazine, Katahdin Trust Co. was named among the top 200 publicly traded community banks in the United States with respect to average Return on Equity (ROE) over a three-year period, a standard of bank performance which measures sustained profitability as indexed to the bank’s equity capital.
Aroostook Republican photo/Debra WalshAfter spending her entire career either working at Loring Air Force Base or the redevelopment agency, Loring Development Authority of Maine, Pat Zenzius, left, has retired. She was honored last week by the LDA for her service. Zenzius worked for the Air Force until the base closed and then started with the reuse effort in 1994. Making the presentation is LDA President Carl Flora.
In an article entitled “In Careful Pursuit Of Growth,” the magazine ranked the top-performing 200 banks, noting, “They (the top 200 banks) avoided the enticement of subprime mortgages. They controlled expenses and capitalizations. As a result, community banks on this year’s Top 200 list, based on a three-year average ROE, maintained remarkably high returns on earnings, despite a financial market tailspin in the second half of 2007.”
Katahdin Bankshares, the holding company which owns Katahdin Trust Co., settled into the list at number 78 among the top 200 banks. With total assets of $428.4 million, the bank had a ROE of 13.26 percent in 2007, along with a three-year average of 15.54 percent; a strong performance by virtually any standard. The magazine also listed other key financial data regarding the banks comprising the list, which included only one other Maine-based institution.
“We are certainly pleased to have made the upper echelon of the Top 200 banks in America as defined by ‘US Banker,’” said Jon Prescott, president and chief executive officer of Katahdin Trust Co. “It is the dedication and hard work of our 159 employees day in and day out that was a critical factor in the bank receiving this recognition.
“We applaud our peers across the nation who join us on this list, but in the final analysis, we are pleased for two reasons: first, that the recognition marked our performance over a three-year period, which reflects trends rather than short-term excellence and, second, because we are operating our bank in a manner which earns such recognition,” he said. “We are successfully providing the stability and strength our shareholders and customers deserve and expect. As always, our appreciation goes out to the customers we are privileged to serve. They are the foundation of our every success, and honors we earn belong to these friends and neighbors.”
Katahdin Trust Co., with roots dating back to 1918, provides banking services to individuals and businesses from 14 offices in northern Maine, online at katahdintrust.com and operates loan production offices in Bangor and Scarborough.
Katahdin Bankshares Corp. stock is quoted on the NASDAQ Over-the-Counter Bulletin Board (OTCBB) under the symbol KTHN. Current stock information can be found on the OTCBB Web site at otcbb.com.
