PRESS RELEASE
FROM: Robert H. Gaughen, Jr.,
President
Hingham Institution
for Savings
Hingham, MA
(NASDAQ-HIFS)
DATE: May 26, 2009
CONTACT: William M. Donovan, Jr., Vice President 781.749.2200
Hingham Savings Ranked #1 Thrift in New England, #2 in the Nation by SNL Financial
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq-HIFS), Hingham, Massachusetts announced they were the top ranked thrift institution in New England and #2 in the nation, based on annual performance for 2008 in the annual ranking of the 100 largest public thrifts in the country compiled by SNL Financial. SNL cited Hingham Savings’ recent appearance on Dan Rather Reports as an example of a bank that has been able to prosper during the economic downturn. The bank’s exceptional scores in the core Return on Average Assets (ROAA) and core Return on Average Equity (ROAE) categories of its ranking were also noted.
President Robert H. Gaughen stated, “We’re pleased to learn of Hingham Savings’ top New England ranking in this report. In these challenging financial times, we credit our disciplined cost control and prudent lending standards for our consistently strong performance. We have never applied for or accepted federal “TARP” money assistance. In fact, we experienced 40% earnings growth last year, and we are actively lending to businesses and residents in our communities. Our commonsense strategy continues to bring success to the Bank as well as those we serve and we are proud to be recognized by SNL Financial again this year.”
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in the Commonwealth. The Bank’s main office is located on Main Street, Hingham Massachusetts 02043, phone (781) 749.2200 The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Scituate, Weymouth, as well as the south end of Boston and a recently opened branch in Norwell.
The Bank’s shares of common stock are listed and traded on the Nasdaq Stock Market under the symbol HIFS.
