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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 Anthony A. Botelho as Executive Vice President and Chief Lending Officer, overseeing the Bank's Commercial and Industrial Lending, Commercial Real Estate Lending, Business Banking, and Cash Management groups. Botelho brings over 35 years of banking experience to the role, having joined Washington Trust in 2021 from Freedom National Bank, where he served as President and CEO. He holds an MBA from Bryant University and a bachelor's degree from the University of Rhode Island.
Botelho is actively involved in community leadership, serving on the Board of Directors at the United Way of Rhode Island and chairing its Governance Committee. He previously served as President of the Rhode Island Bankers Association and on the Board of Directors at the Northern Rhode Island Chamber of Commerce.
Washington Trust Bancorp, Inc. (Nasdaq: WASH) reported second quarter 2024 net income of $10.8 million, or $0.63 per diluted share, compared to $10.9 million in Q1 2024. Key highlights include:
- Net interest margin was 1.83%, down 1 basis point from Q1
- Wealth management revenues increased 4% and mortgage banking revenues rose 10%
- Total loans decreased 1% to $5.6 billion
- In-market deposits declined 1% to $4.6 billion
- Asset quality remained solid with nonaccrual loans at 0.54% of total loans
- Total risk-based capital ratio improved to 11.81%
The company maintained consistent earnings while managing expenses and investing in technology and marketing for future growth.
Washington Trust Bancorp (NASDAQ: WASH) will announce its second quarter 2024 earnings on July 22, 2024, after market close. A conference call with the company's executives is scheduled for July 23, 2024, at 8:30 a.m. ET. Investors can participate via toll-free dial-in at 1-833-470-1428 or through international numbers listed. A webcast will be available on the company's investor relations website. A teleconference replay will be accessible until August 6, 2024, with a toll-free replay number 1-866-813-9403 and access code 808623.
Washington Trust Bancorp has declared a quarterly dividend of 56 cents per share for the quarter ending June 30, 2024.
This dividend will be paid out on July 12, 2024 to shareholders who are on record as of July 1, 2024.
This announcement was made by the Board of Directors on June 20, 2024.
Washington Trust, the largest state-chartered bank in Rhode Island, launched a multimedia campaign to highlight the ease of opening deposit accounts online. The campaign features local talent, businesses, and classic Rhode Island activities, and is available in both English and Spanish. The Bank emphasizes its commitment to providing a fast and secure online banking experience, enabling users to quickly switch direct deposits and recurring payments. The campaign was developed in collaboration with local companies and businesses, showcasing locations such as Roger Williams Park Zoo and Misquamicut State Beach.
Washington Trust has allocated $20,000 to West Elmwood Housing Development This contribution will support the Match Savings Incentive Program (MSIP) and the Get Your House In Order Program (GYHIOP). MSIP aims to assist low-to-moderate income individuals towards asset ownership through financial workshops covering budgeting, debt management, and home buying. GYHIOP provides culturally specific financial education for African Americans, focusing on financial literacy over a four-week course. This donation is a part of Washington Trust's larger initiative, which has given over $584,000 to various organizations, including $122,000 towards affordable housing programs up to May 31, 2024.
Washington Trust announced a $125,000 donation to the City of Central Falls for the development of El Centro, a community hub aimed at providing health, wellness, education, and workforce development resources. The five-year grant will aid in planning and redevelopment of the hub at 702 Broad Street. El Centro will connect residents with vital services such as mental health, public safety behavioral health, and small business assistance. Washington Trust's Chairman and CEO, Edward O. Handy III, expressed enthusiasm for the transformative project, while Central Falls Mayor Maria Rivera highlighted its potential impact on residents' lives. Additionally, Washington Trust supports financial education through programs in local schools.
Washington Trust has launched a Spanish version of its website to better serve the Hispanic/Latino community. Partnering with Envision Technology Advisors and Be Moore Interpreting, the bank aims to provide inclusive financial tools and information. This initiative aligns with the bank's long-standing commitment to economic empowerment and inclusivity. The new website can be accessed at https://www.washtrust.com/es/.
Washington Trust Bancorp (NASDAQ: WASH) released its 2024 Environmental, Social, and Governance (ESG) Report on May 15, 2024. This report outlines the 's ongoing efforts and achievements in key areas such as employee engagement, diversity, equity, inclusion, corporate governance, data security, community involvement, and environmental responsibility. CEO Edward O. Handy III emphasized the importance of maintaining high ESG standards to ensure the long-term sustainability of the business and positively impact all stakeholders. The report provides insights into how Washington Trust is attracting a diverse workforce, managing risk, and enriching the community, while also prioritizing sustainable practices to lessen environmental impact.
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