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Washington Trust Bancorp Inc. (NASDAQ: WASH) is the parent company of The Washington Trust Company, the oldest community bank in the United States, founded in 1800. Headquartered in Rhode Island, Washington Trust provides a comprehensive range of financial services across Rhode Island, Connecticut, and Massachusetts. These services include commercial banking, mortgage banking, personal banking, and wealth management.
Commercial Banking: The company’s commercial banking segment focuses on lending activities, including commercial loans and residential real estate loans, and deposit services.
Wealth Management: The wealth management segment offers investment management, financial planning, personal trust, and estate services, including roles as trustee, personal representative, custodian, and guardian. The corporation's broader financial health is predominantly supported by its commercial banking operations.
Recent Developments: On September 27, 2023, Washington Trust entered a settlement with the U.S. Department of Justice regarding alleged fair lending law violations, agreeing to provide $7 million in mortgage loan subsidies and $2 million in community outreach over five years. Despite denying the allegations, this settlement aims to reinforce their commitment to equal lending practices.
Current Financials: For the third quarter of 2023, Washington Trust reported net income of $11.2 million. The corporation showed resilience amid challenging economic conditions, maintaining stable net interest and noninterest incomes.
Community Initiatives: Washington Trust demonstrates strong community involvement through initiatives like the annual Washington Trust Peanut Butter Drive, which has collected over 161 tons of peanut butter since 2001 to support local food banks.
Washington Trust Bancorp Inc. remains committed to fostering financial stability and growth for individuals and businesses in New England through a robust selection of banking and financial services.
Washington Trust has appointed Michelle Kile as Executive Vice President and Chief Retail Banking Officer. With 20 years of experience in Retail Banking delivery from New England financial institutions, Kile will oversee retail sales and customer service across 28 retail branch offices, Customer Solutions Center, and digital banking services. Prior to joining Washington Trust, she led Retail branch services at Digital Federal Credit Union in Franklin, MA. A Rhode Island resident and graduate of Rhode Island College, Kile brings expertise in branch transformation, solution-oriented personal service, and digital optimization.
Washington Trust Company has been voted the #1 Bank in the RI Media Group and Sun Publication's Community Choice Awards Program. The recognition came through a readers' poll across multiple Rhode Island newspapers, including The Westerly Sun, Mystic River Press, and others. Chairman and CEO Edward O. Handy III attributed the success to employees' dedication to outstanding service.
The bank operates 28 branches throughout Rhode Island and Connecticut, offering comprehensive financial solutions including deposit services, mortgage and home equity loans, business banking services, and wealth management and trust services. The Community Choice Awards program recognizes the best businesses in Rhode Island based on reader votes.
Washington Trust Bancorp, Inc. (Nasdaq: WASH) reported third quarter 2024 net income of $11.0 million, or $0.64 per diluted share, compared to $10.8 million, or $0.63 per diluted share, in Q2 2024. Key highlights include:
- Net interest margin increased to 1.85% from 1.83% in Q2
- Wealth management revenues rose 3% from Q2
- Assets under administration reached $7.1 billion, up 4% from Q2
- Total loans decreased 2% to $5.5 billion
- In-market deposits increased 3% to $4.8 billion
- Provision for credit losses decreased to $200,000 from $500,000 in Q2
The company maintained solid asset quality metrics and expanded its presence in Providence with a new branch opening.
Washington Trust Bancorp, Inc. (NASDAQ: WASH), the publicly-owned holding company of The Washington Trust Company, has announced its schedule for the release of third quarter 2024 earnings and the subsequent conference call. The earnings will be released on Monday, October 21, 2024, after the market closes. The conference call with the 's executives is scheduled for Tuesday, October 22, 2024, at 8:30 a.m. ET.
Participants can join the call using the toll-free number 1-833-470-1428 or international dial-in numbers. The access code for the call is 539756. A webcast will also be available on Washington Trust Bancorp's investor relations website. For those unable to attend, a teleconference replay will be accessible until Tuesday, November 5, 2024, using the replay number 1-866-813-9403 (Toll-Free) with the access code 963764.
Washington Trust has been recognized with two prestigious workplace wellness awards. The Bank was named one of Rhode Island's Healthiest Employers by Providence Business News for the third consecutive year. Additionally, it received an Exemplary Worksite Heath Award from Blue Cross & Blue Shield of RI and the Greater Providence Chamber of Commerce for the tenth consecutive year, with the last eight at the Exemplary level.
These awards acknowledge Rhode Island employers who prioritize employee health and well-being through policies, culture, programs, and education. Kristen DiSanto, Senior Executive VP and Chief HR Officer, emphasized the Bank's commitment to a holistic approach to wellness for employees and their families.
Washington Trust is currently recruiting and will participate in BankForward's Career Discovery Day on October 5th at CCRI's Providence Campus. This event aims to help potential employees explore opportunities in banking and finance.
Washington Trust has expanded its RI Community Lending Program by introducing I Luv RI™ Home Improvement Loans. These loans offer discounted rates of up to 2% for home renovation and repair, with flexible options up to $50,000. The program is available in 14 Rhode Island cities and towns, including Providence, Newport, and Warwick.
The Bank recently hosted an educational event for real estate professionals to inform them about the program's expansion, which includes four unique mortgage options with various financing options, matching funds/grants, and closing cost credits. Washington Trust has a team of community lending officers and mortgage lenders throughout Rhode Island to assist residents with homebuying and homeownership needs, including financial education and resources.
Washington Trust Bancorp (NASDAQ: WASH) has announced its quarterly dividend for the period ending September 30, 2024. The Board of Directors has declared a dividend of 56 cents per share, which will be paid on October 11, 2024 to shareholders of record as of October 1, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders.
Washington Trust, the nation's oldest community bank, has opened its 28th branch in the Olneyville neighborhood of Providence, R.I. The branch, located at 1917 Westminster St, was officially inaugurated on September 13th, 2024, with a ribbon-cutting ceremony attended by bank executives and local dignitaries.
The new branch, managed by Eddy Grijalva, offers a full range of financial services, including deposits, loans, business banking, and wealth management. Notably, the branch staff is bilingual in English and Spanish. During the opening event, Washington Trust Charitable Foundation presented a $20,000 contribution to the Olneyville Neighborhood Association to support their efforts in acquiring a new mixed-use space.
This expansion reflects Washington Trust's commitment to deepening existing relationships and building new ones within the Olneyville community.
Washington Trust has partnered with the Episcopal Conference Center of RI (ECC) to support its City Camp program for 150 youth aged 6-12 in Providence's Olneyville neighborhood. The free week-long program offers daily field trips, activities, and lunch. Washington Trust provided financial support, reusable water bottles, and insulated lunch bags for campers. Bank volunteers, including CEO Edward O. Handy III, participated in camp activities.
The initiative aligns with Washington Trust's commitment to supporting community needs. Sara Clarke, Executive Director of ECC, emphasized the program's importance in providing a safe, creative, and inclusive experience for children who might not otherwise have access to summer camp. Washington Trust is set to open a new branch in Olneyville on August 19th at 1917 Westminster Street.
Washington Trust has promoted Scott McCaughey to Senior Vice President and Team Leader within its Commercial Banking division. With 30 years of banking experience, McCaughey will oversee the Bank's Commercial & Industrial (C&I) Lending and Business Banking teams. His responsibilities include implementing strategic initiatives, enhancing client relationships, and expanding the C&I and Business Banking portfolios.
McCaughey's community involvement includes serving on the Advisory Board at Saint Joseph School in West Warwick and coaching soccer and basketball in the Catholic Athletic League for over a decade. He holds a bachelor's degree from Stonehill College.
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