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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.
On June 16, 2022, Washington Trust announced the success of its Community Shred Days, where over 25 tons of sensitive documents were shredded and recycled. This initiative, conducted at six branches on April 9 and May 21, 2022, diverted 76 cubic yards of landfill, conserved 178,500 gallons of water, saved 434 trees, and spared 50 barrels of oil. Additionally, the bank collected over 2,000 hygiene items and $1,200 for Amenity Aid, reflecting its commitment to customer data protection and sustainability efforts.
Washington Trust, based in Westerly, Rhode Island, has partnered with Banzai to provide free online financial literacy resources to local schools and students. This initiative, launched on May 3, 2022, aims to enhance students' financial knowledge, covering topics such as budgeting, saving, and credit management. The program aligns with Rhode Island's state curriculum, ensuring schools meet the newly mandated financial education requirements. Washington Trust is the first financial institution in Rhode Island to sponsor this program, which offers digital and physical educational resources at no cost.
Washington Trust Bancorp (NASDAQ: WASH) reported first quarter 2022 net income of $16.5 million, or $0.94 per diluted share, down from $20.2 million in Q4 2021. Key metrics include return on average equity at 12.04% and average assets at 1.14%. Wealth management revenues peaked at $10.5 million. Total loans reached $4.3 billion, a modest increase. However, net interest income fell by 7% to $35.1 million. The bank's capital and credit quality remain strong despite challenges from market volatility.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced the release date for its first-quarter 2022 earnings set for April 25, 2022, at 8:00 a.m. ET. The company will also host a conference call at 10:00 a.m. ET on the same day. Investors can participate via a toll-free number or through the company's website. The earnings report comes as Washington Trust, the oldest community bank in the U.S., manages approximately $5.9 billion in assets as of December 31, 2021.
Washington Trust has launched a Financial Literacy Initiative aimed at enhancing economic empowerment through financial education. This initiative includes $165,000 in multi-year funding for three Rhode Island nonprofits: United Way ($90,000), Entrepreneurship for All ($45,000), and Amos House ($30,000). Additionally, it offers a free web-based financial literacy program for local schools and a Financial Wellness Center on their website, featuring resources for budgeting, managing debt, and home buying.
The Board of Directors of Washington Trust Bancorp, Inc. (NASDAQ: WASH) declared a quarterly dividend of 54 cents per share for the quarter ending March 31, 2022. This dividend will be paid on April 8, 2022 to shareholders of record as of April 1, 2022. The company, founded in 1800, reported $5.9 billion in assets as of December 31, 2021, and offers diverse financial services across Rhode Island, Connecticut, and Massachusetts.
Washington Trust Bancorp (NASDAQ: WASH) announced its inaugural Environmental, Social and Governance (ESG) Report on March 15, 2022. The report outlines the Corporation's commitment to employee engagement, diversity, equity, inclusion, corporate governance, data privacy, community investment, and environmental responsibility. CEO Edward O. Handy III emphasized the goal to be a responsible corporate citizen and improve local communities. As of December 31, 2021, the company had $5.9 billion in assets, positioning itself as the oldest community bank in the U.S. and a significant financial services provider in the Northeast.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced that its 2022 Annual Meeting of Shareholders will be held virtually on April 26, 2022, at 11:00 a.m. ET. Shareholders of record as of March 1, 2022, can attend and vote. The announcement emphasizes the company’s commitment to transparency and shareholder engagement. Washington Trust Bancorp reported assets of $5.9 billion as of December 31, 2022, highlighting its position as the oldest community bank in the U.S. and a leading financial services provider in the Northeast.
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