PIKEVILLE, KY. – Jean R. Hale, Chairman, President, and CEO of Community Trust Bancorp, Inc. (NASDAQ: CTBI), announced today that Community Trust Bancorp, Inc. has been recognized by Forbes magazine as one of “America's 50 Most Trustworthy Financial Companies.” Community Trust was ranked first in the “Small Cap” category ($250 million to $1 billion).
The Forbes list, released on April 1, 2014, is based on proprietary ratings provider and investment advisor GMI Ratings. The list included publicly-traded North American bank and insurance companies. According to James Kaplan, director of GMI Ratings, “In 2012 and 2013, governance and transparency has really improved.” To develop lists of trustworthy organizations in different industries, GMI reviews the accounting and governance behaviors of more than 8,000 publicly-traded companies in North America. In assessing each company, GMI considers factors including high-risk events, revenue and expense recognition methods, SEC actions, and bankruptcy risk as indicators of a company’s credibility.
“We are pleased and humbled that Community Trust has been recognized in this Forbes survey,” said Ms. Hale. “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. NASDAQ recognized CTBI’s inclusion in the 50 Most Trustworthy Financial Companies with the announcement on their tower at Times Square in New York City.
The full Forbes article may be found online:
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. Forbes magazine, Forbes Asia and Forbes Europe attract a global audience of more than 5 million readers. The Company also publishes ForbesLife magazine, as well as 33 licensed local editions around the world.
Community Trust Bancorp, Inc., with assets of $3.6 billion, is headquartered in Pikeville, Kentucky and has 71 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.