Three local banks deemed ‘trustworthy’

PROVIDENCE – Bancorp Rhode Island, Washington Trust Bancorp and Independent Bank, the parent of the Rockland Trust, were among 380 publicly traded companies named to Forbes’ annual list of Most Trustworthy Companies.
The listing is based on an independent assessment of corporate accounting and management practices. Fewer than 5 percent of public companies were deemed “most trustworthy,” Forbes said.
The publication said financial-analytics company Audit Integrity examined more than 100 factors beyond the raw data reported in the income statements and assigned each company a 100-point accounting and governance risk rating, or AGR. Those that garnered low scores were more likely to suffer severe equity losses, face class-action lawsuits and financial restatements, among other things, Forbes said.
Bancorp Rhode Island Inc., the parent of Bank Rhode Island, was deemed “conservative,” based on its AGR in the 99th percentile of public companies, meaning no firms had a higher rating.
Westerly-based Washington Trust Bancorp, parent of Rhode Island’s largest independent bank Washington Trust Co., also earned the “conservative” label because its AGR placed it in the 86th percentile.
Meanwhile, Independent Bank earned an “average” rating because its AGR was in the 81st percentile. •