HARRISBURG, Pa., Sept. 9, 2010 (GLOBE NEWSWIRE) -- Tower Bancorp, Inc. (Nasdaq:TOBC) the parent company of Graystone Tower Bank, announced today its inclusion in the prestigious Sandler O'Neill + Partners "2010 Bank and Thrift Sm-All Stars" report.
In the report, Tower Bancorp, Inc. was recognized among the top 32 best performing banks and thrifts in the nation with a market capitalization of less than $2 billion. The institutions were evaluated based on absolute performance in each of eight financial variables. These variables included growth trends in earnings per share (EPS), loans, and deposits; return on average equity (ROAE); nonperforming assets to loans; net charge-off ratio; reserve to nonperforming assets ratio; and Tier 1 risk-based capital ratio. To earn the Sm-All Star status, banks and thrifts needed to be at or above the peer median for the first seven metrics surveyed plus be considered "Well Capitalized" per the Tier 1 risk-based capital ratio.
"We are proud to be one of the 32 best performing banks in the nation to receive this prestigious distinction," said Andrew Samuel, chairman and CEO of Tower Bancorp, Inc. "This recognition validates our strategic growth plan and is a testament to Tower Bancorp, Inc.'s outstanding performance in loan, deposits and earnings growth, while maintaining exceptional credit quality and capital strength."
About Tower Bancorp, Inc.
Tower Bancorp, Inc. is the parent company of Graystone Tower Bank, a full-service community bank operating 27 branch offices in central Pennsylvania and Maryland through two divisions, Graystone Bank and Tower Bank. With total assets of approximately $1.6 billion, Tower Bancorp's unparalleled competitive advantage is its more than 300 employees and a strong corporate culture paired with a clear vision that provides customers with uncompromising service and individualized solutions to every financial need. Tower Bancorp's common stock is listed on the NASDAQ Global Market under the symbol "TOBC." More information about Tower Bancorp and its divisions can be found on the internet at www.yourtowerbank.com, www.graystonebank.com and www.towerbancorp.com.
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Safe Harbor for Forward-Looking Statements
This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the company's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; inability to achieve merger-related synergies; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Tower Bancorp, Inc.'s filings with the Securities and Exchange Commission (SEC). The statements included herein are valid only as of the date hereof and Tower Bancorp, Inc. disclaims any obligation to update this information.
CONTACT: Tower Bancorp, Inc. Media Contact: Andrew Samuel 717.724.2800 Investor Relations Contact: Mark Merrill 717.724.4618