Welcome to our dedicated page for Washington Tr Bancorp news (Ticker: WASH), a resource for investors and traders seeking the latest updates and insights on Washington Tr Bancorp stock.
Overview of Washington Trust Bancorp Inc. (NASDAQ: WASH)
Founded in 1800, Washington Trust Bancorp Inc. is the oldest community bank in the United States and a leading financial services provider in the Northeast. Headquartered in Westerly, Rhode Island, the company operates as the parent organization of The Washington Trust Company, a state-chartered bank. With a legacy spanning over two centuries, Washington Trust combines traditional banking values with modern financial solutions, offering a comprehensive suite of services tailored to the needs of individuals, businesses, and institutions across Rhode Island, Connecticut, and Massachusetts.
Core Business Segments
Washington Trust Bancorp operates through two primary business segments:
- Commercial Banking: This segment encompasses lending activities, including commercial loans, residential real estate loans, and deposit services. It plays a pivotal role in supporting local businesses and fostering economic growth within its service areas. Additionally, the company offers treasury management and other financial solutions to meet the diverse needs of its commercial clients.
- Wealth Management Services: This segment focuses on investment management, financial planning, and fiduciary services. Washington Trust serves as a trustee, personal representative, custodian, and guardian, offering estate planning and settlement services. Its wealth management division is a key differentiator, catering to high-net-worth individuals and families with personalized solutions.
Comprehensive Financial Services
Washington Trust provides a full range of banking and financial services, including:
- Commercial Banking: Business loans, lines of credit, equipment financing, and cash management solutions.
- Mortgage Banking: Residential mortgage loans, refinancing options, and home equity products.
- Personal Banking: Checking and savings accounts, credit cards, and personal loans.
- Wealth Management: Investment advisory, trust administration, and estate planning services.
The company also offers digital banking tools to enhance customer convenience, including online and mobile banking platforms.
Market Presence and Competitive Position
Washington Trust maintains a strong regional presence with branch offices strategically located across Rhode Island, Connecticut, and Massachusetts. As the largest state-chartered bank headquartered in Rhode Island, it is deeply embedded in the communities it serves. The company differentiates itself through its commitment to personalized service, local decision-making, and a robust wealth management offering. While competing with national and regional banks, Washington Trust leverages its community banking model to build lasting customer relationships and deliver tailored financial solutions.
Commitment to Community
Washington Trust is not only a financial institution but also a cornerstone of community development. Its philanthropic initiatives, such as food drives and housing assistance programs, underscore its dedication to improving the quality of life for residents in its service areas. By aligning its business objectives with community needs, Washington Trust reinforces its reputation as a trusted and socially responsible organization.
Key Strengths
- Historical Legacy: Over 200 years of banking experience, making it a trusted name in the financial industry.
- Diverse Services: A wide range of offerings from commercial loans to wealth management solutions.
- Regional Focus: Strong ties to local communities in the Northeast, with a deep understanding of regional markets.
- Wealth Management Expertise: Comprehensive fiduciary and investment services that cater to high-net-worth clients.
Conclusion
Washington Trust Bancorp Inc. exemplifies the enduring value of community banking while embracing innovation to meet modern financial needs. Its dual focus on commercial banking and wealth management, combined with a commitment to community engagement, positions it as a premier financial institution in the Northeast. For investors and customers alike, Washington Trust represents stability, expertise, and a customer-centric approach to banking.
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.
On April 27, 2021, Washington Trust Bancorp, Inc. (NASDAQ: WASH) hosted its Annual Meeting of Shareholders, highlighting its strong financial performance post-COVID-19. Chairman Edward O. Handy III reported robust earnings and profitability for year-end 2020 and Q1 2021. Shareholders re-elected board members and approved key resolutions, including the creation of a new class of capital stock. Notably, Katherine W. Hoxsie retired after 30 years of service, and Lisa M. Stanton was welcomed to the board, bringing her expertise in risk management.
Washington Trust Bancorp, Inc. (WASH) reported first quarter 2021 net income of $20.5 million ($1.17 per share), up from $18.6 million ($1.07 per share) in Q4 2020. Key highlights include a 15.55% return on equity and a 1.45% return on assets. Mortgage banking revenues decreased by 15% quarter-over-quarter but rose 96% year-over-year. Wealth management revenues increased by 7%, with assets under management reaching $7.0 billion. Noninterest expense rose 2%.
The quarter saw record deposits of $4.0 billion, a 6% increase from the previous quarter.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced its first quarter 2021 earnings release, scheduled for April 21, 2021, after market close. A conference call will follow on April 22, 2021, at 8:30 a.m. ET. Participants can join via toll-free numbers and through the corporate website. Washington Trust, with $5.7 billion in assets as of December 31, 2020, is the oldest community bank in the U.S., offering a range of financial services across the Northeast.
The Board of Directors of Washington Trust Bancorp has declared a quarterly dividend of $0.52 per share for the quarter ending March 31, 2021. The dividend is set to be paid on April 9, 2021 to shareholders on record as of April 1, 2021. As of December 31, 2020, the company reported $5.7 billion in assets, solidifying its status as the oldest community bank in the nation and the largest state-chartered bank in Rhode Island.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced its 2021 Annual Meeting of Shareholders will be held via live webcast on April 27, 2021, at 11:00 a.m. ET due to the ongoing pandemic. Shareholders of record by March 2, 2021, are eligible to attend and vote. As of December 31, 2020, the company holds $5.7 billion in assets and is recognized as the oldest community bank in the U.S. and the largest state-chartered bank in Rhode Island, offering a range of financial services across multiple states.
Washington Trust Bancorp reported a fourth quarter 2020 net income of $18.6 million, or $1.07 per diluted share, up from $18.3 million in Q3 2020. Full-year net income reached $69.8 million for 2020, compared to $69.1 million in 2019. Mortgage banking revenues surged 220% year-over-year to a record $47.4 million. Total loans increased 8% to $4.2 billion, largely driven by PPP loans. However, the return on average equity declined to 13.51% from 14.34% in the previous year, reflecting the challenges of 2020.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) will release its fourth quarter 2020 earnings on January 27, 2021, after market closes. A conference call with executives is scheduled for January 28, 2021, at 8:30 a.m. ET, accessible via a toll-free number or international dial-in option. The call will also be available through a webcast on the company’s investor relations site. Washington Trust, headquartered in Rhode Island, manages $5.8 billion in assets as of September 30, 2020, and offers diverse financial services including commercial and mortgage banking.
Washington Trust Bancorp (NASDAQ: WASH) declared a quarterly dividend of $0.52 per share for the quarter ending December 31, 2020, representing a one cent increase. This dividend will be paid on January 8, 2021 to shareholders of record as of January 4, 2021. As of September 30, 2020, the company reported $5.8 billion in assets, solidifying its position as one of the Northeast's leading financial service providers.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) has initiated a stock repurchase program allowing the buyback of up to 850,000 shares, or approximately 5% of its common stock. Authorized by the Board of Directors, this program will be executed based on market conditions and regulatory considerations. As of November 30, 2020, the company had approximately 17.3 million shares outstanding. The repurchase program is set to expire on October 31, 2021, and may be modified or suspended at any time, depending on various factors.
FAQ
What is the current stock price of Washington Tr Bancorp (WASH)?
What is the market cap of Washington Tr Bancorp (WASH)?
What services does Washington Trust Bancorp Inc. provide?
Where is Washington Trust Bancorp Inc. headquartered?
What makes Washington Trust unique in the banking industry?
What regions does Washington Trust serve?
What is Washington Trust's approach to wealth management?
How does Washington Trust support local communities?
What is the historical significance of Washington Trust?
What digital tools does Washington Trust offer?
What industries does Washington Trust's commercial banking serve?
Is Washington Trust Bancorp Inc. publicly traded?
