BELMONT, Mass.--(BUSINESS WIRE)--BSB Bancorp, Inc. (NASDAQ-BLMT), the holding company for Belmont Savings Bank, today announced that it was ranked 41st on Fortune Magazine's 100 Fastest Growing Companies List in 2017. The top 100 performers were ranked according to growth in revenues, profits, and stock returns over a three-year period and were chosen from over 3000 companies listed on U.S. exchanges.
This year, only five Massachusetts companies were named to Fortune magazine’s 100 fastest-growing companies list. Belmont Savings was the sole bank from New England to receive this recognition. It is one of only seven savings banks included in this highly selective list.
“It is an honor to be recognized by Fortune as one of the nation’s 100 fastest-growing companies,” said Bob Mahoney, president and CEO of Belmont Savings Bank. “Being featured on this list alongside companies like Facebook and Amazon validates the ongoing success of our growth-driven strategy, which continues to serve our customers, shareholders and community with distinction.”
The recognition from Fortune follows Belmont Savings’ recent inclusion as one of Sandler O’Neill Sm-All Stars, which identifies outstanding annual performance for small-cap banks and thrifts in the United States. The Sandler O'Neill Sm-All Stars Class of 2017 consists of only 29 institutions out of a universe of 404 publicly traded banks and thrifts with a market cap below $2.5 billion. Belmont Savings was included as the only Massachusetts bank to earn this recognition in the Class of 2017.
A more detailed description of Fortune Magazine's methodology is provided below.
Fortune Magazine's List Methodology
To be considered, a company—domestic or foreign—must be traded on a major U.S. stock exchange; report data in U.S. dollars; file quarterly reports with the SEC; have a minimum market capitalization of $250 million; and have been trading continuously since June 30, 2014. Companies must have posted an annualized growth in revenue and earnings per share of at least 15% annually over the three years. Companies that meet these criteria are ranked by revenue growth rate, EPS growth rate, and three-year annualized total return for the period ended June 30, 2017.
About Fortune Magazine
Fortune is a global leader in business journalism with major franchises including the Fortune 500 and the Fortune 100 Best Companies to Work For. Fortune Live Media extends the brand's mission into live settings, hosting a wide range of annual conferences, including the Fortune Global Forum.
BSB Bancorp, Inc. is headquartered in Belmont, Massachusetts and is the holding company for Belmont Savings Bank. The Bank provides financial services to individuals, families, municipalities and businesses through its six full-service branch offices located in Belmont, Watertown, Cambridge, Newton and Waltham in Southeast Middlesex County, Massachusetts. The Bank's primary lending market includes Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. The Company’s common stock is traded on the NASDAQ Capital Market under the symbol “BLMT.” For more information, visit the Company’s website at www.belmontsavings.com.