Weststar Financial Services Corporation Ranks Nationally in Financial Performance
Jun 1, 2009 1:12:00 PM
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View Additional ProfilesASHEVILLE, N.C., June 1 /PRNewswire-FirstCall/ -- Weststar Financial Services Corporation (OTC Bulletin Board: WFSC), the parent company of Bank of Asheville, ranked 69th in financial performance on the list of the Top 200 community banks in the United States compiled by US Banker magazine. With approximately 1,100 publicly traded community banks in the U.S., the ranking puts Bank of Asheville in the top 10 percent in terms of performance. The ranking was based on a three-year average return on equity (ROE) from 2006 through 2008.
In a separate ranking, Bank of Asheville's parent company ranked 11th in financial performance out of 33 publicly traded banks in North Carolina for the quarter ended March 31, 2009. The ranking was published in the Davenport Community Bank Quarterly.
G. Gordon Greenwood, President and Chief Executive Officer, said, "We are honored not only to be ranked among America's top 200 performing community banks, but to have improved in ranking from 119th to 69th. This is really great news, following so closely on Davenport's ranking of Bank of Asheville's parent company as one of the top performing banks in North Carolina. Our success is attributable to the support we receive from our growing customer base in Western North Carolina, to our dedicated associates and Board of Directors, who strive for excellence, and to our loyal shareholders."
Weststar Financial Services Corporation's ROE for the three-year period was 13.50 percent. At the end of 2008, consolidated assets were $202.9 million, up 16 percent from $174.3 million a year earlier, and deposits were $170.8 million, up 15 percent over the previous year.
Weststar Financial Services Corporation is the parent company of The Bank of Asheville. Weststar Financial Services Corporation owns 100% interest in Weststar Financial Services Corporation I, a statutory trust. The Bank operates five fullservice banking offices in Buncombe County, North Carolina - Downtown Asheville, Candler, Leicester, South Asheville and
Reynolds.
This news release contains forward-looking statements. Such statements are subject to certain factors that may cause the company's results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute our business plan, items already mentioned in this press release, and other factors described in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date
hereof.
SOURCE Weststar Financial Services Corporation
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G. Gordon Greenwood
President and Chief Executive Officer
+1-828-232-2902
bgreenwood@bankofasheville.com
