Welcome to our dedicated page for Washington Trust Bancorp news (Ticker: WASH), a resource for investors and traders seeking the latest updates and insights on Washington Trust Bancorp stock.
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 Bancorp (NASDAQ: WASH) will release its third quarter 2021 earnings on October 25, 2021, after market close. A conference call with executives is scheduled for October 26, 2021, at 8:30 a.m. ET. Participants can dial in at 1-844-378-6480 (toll-free) or 1-412-317-1088 (international). A webcast will be available on the company's website. The teleconference replay will run from October 26 to November 9, 2021, with instructions provided for accessing the replay.
The Washington Trust Company has been named the Best Small Bank in Rhode Island by Newsweek in their annual Best Banks listing. The evaluation involved over 2,600 FDIC-insured institutions assessing overall health, customer service, digital presence, and loan options. Chairman Edward Handy expressed pride in this recognition, highlighting the bank's commitment to quality service over its 220-year history.
Washington Trust, led by Chairman and CEO Edward "Ned" Handy III, received the Community Partner Impact Award from the Nonviolence Institute at the annual Invest In Peace event on September 26, 2021. This accolade recognizes the bank's significant contributions to building a healthier Rhode Island community. Handy emphasized Washington Trust's ongoing support for the Institute's peace initiatives, which are vital amid current societal challenges. For over 220 years, Washington Trust has dedicated resources to various community-focused efforts.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) has declared a quarterly dividend of 52 cents per share for the quarter ending September 30, 2021. This dividend will be paid on October 8, 2021 to shareholders of record on October 1, 2021. As of June 30, 2021, the company reported assets totaling $5.9 billion. Founded in 1800, Washington Trust is the oldest community bank in the U.S. and a key player in financial services in the Northeast.
Washington Trust has pledged $200,000 over four years to support the STAR Campaign for San Miguel School in Providence, RI. This investment will help maintain a nurturing environment and exceptional education for its students. The San Miguel School, which serves underprivileged boys, has seen a 98% high school graduation rate and an 80% college attendance rate. The STAR campaign aims to raise $5 million in total, with $4.6 million already secured, funding new educational facilities and services.
Washington Trust Bancorp reported a net income of $17.5 million, or $1.00 per diluted share, for the second quarter of 2021, down from $20.5 million, or $1.17 per diluted share, in the previous quarter. The wealth management division achieved a record $7.4 billion in assets under administration. Key financial metrics showed returns on average equity at 12.92%, down from 15.55%, while net interest income rose to $34.8 million. Residential real estate loan origination increased by 11% quarter-over-quarter, totaling $489.4 million. Despite positive growth in wealth management, noninterest income dropped by 21% to $20.6 million.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) will release its second quarter 2021 earnings after market closes on July 21, 2021. A conference call with executives is scheduled for July 22, 2021, at 8:30 a.m. ET. Participants can dial in toll-free at 1-844-378-6480 or internationally at 1-412-317-1088 to join the call. For replay, the call will be available after the session until August 5, 2021. Washington Trust had $5.7 billion in assets as of March 31, 2021, making it the oldest community bank in the nation.
The Board of Directors of Washington Trust Bancorp (NASDAQ: WASH) declared a quarterly dividend of 52 cents per share for the quarter ending June 30, 2021. This dividend will be paid on July 9, 2021 to shareholders on record as of July 1, 2021. As of March 31, 2021, the company reported $5.7 billion in assets, highlighting its position as the oldest community bank in the U.S. and a leading financial services provider in the Northeast.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced the election of Lisa M. Stanton to its Board of Directors and the Board of its subsidiary, The Washington Trust Company. With over 25 years of experience in financial services, technology, and data security, Stanton will also serve on the Audit Committees. Previously, she held senior roles at American Express and Citizens Financial Group, and she founded Monitise's U.S. division. Washington Trust, founded in 1800, is the oldest community bank in the U.S., with $5.7 billion in assets as of March 31, 2021.
FAQ
What is the current stock price of Washington Trust Bancorp (WASH)?
What is the market cap of Washington Trust Bancorp (WASH)?
What does Washington Trust Bancorp Inc. do?
Where is Washington Trust Bancorp Inc. headquartered?
What recent achievements has Washington Trust Bancorp Inc. announced?
How does Washington Trust Bancorp Inc. generate revenue?
What community initiatives is Washington Trust involved in?
What are the financial highlights for Washington Trust's third quarter of 2023?
What is Washington Trust's approach to fair lending?
How does Washington Trust support its customers and community?
What is the significance of Washington Trust's wealth management services?
How can investors access more information about Washington Trust Bancorp Inc.?
