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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 Bancorp (NASDAQ: WASH) announced its 2023 Annual Meeting of Shareholders scheduled for April 25, 2023, at 11:00 a.m. ET. Shareholders as of the close of business on February 28, 2023 can attend and vote. The meeting will be held virtually, with further details outlined in the upcoming proxy statement. As of December 31, 2022, Washington Trust reported $6.7 billion in assets, solidifying its position as the oldest community bank in the U.S. and the largest state-chartered bank in Rhode Island.
The Washington Trust Company has provided a significant commercial loan to WindServe Marine for the construction of three new crew transfer vessels, enhancing offshore wind development along the Eastern Seaboard. The funding supports WindServe's role in expanding the renewable energy sector, specifically the offshore wind industry. The U.S. offshore wind pipeline is projected to have over 40 gigawatts of capacity, with Massachusetts and New York approving large-scale projects. Construction will create approximately 100 local jobs, aiming for completion by mid-to-late summer 2023, reinforcing Washington Trust's commitment to environmental sustainability and local economic growth.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) reported a fourth-quarter 2022 net income of $16.6 million or $0.95 per diluted share, down from $18.7 million or $1.08 per diluted share in Q3 2022. Total net income for 2022 was $71.7 million ($4.11 per diluted share), compared to $76.9 million ($4.39) in 2021. Total loans reached a record $5.1 billion, marking a 20% increase year-over-year. A quarterly dividend of 56 cents per share was declared, continuing a twelve-year trend of annual increases. The bank anticipates continued economic challenges in 2023.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) will release its fourth quarter 2022 earnings on January 25, 2023, after market close. Following this, the company will host a conference call on January 26, 2023, at 8:30 a.m. ET for investors and analysts. Participants can dial in at 1-844-200-6205 (toll-free) or 1-929-526-1599 internationally. Washington Trust, founded in 1800, manages assets worth $6.4 billion and offers a range of financial services across the Northeast.
Washington Trust Bancorp announces the retirement of President and COO Mark K.W. Gim, effective April 2023. Mary E. Noons has been promoted to Senior Executive Vice President and will assume the presidency. Gim, with 30 years at Washington Trust, joins the Board of Directors after retirement. Under his leadership, the company expanded its market presence significantly. The company is also searching for a new Chief Retail Lending Officer to continue its growth strategy in the retail division.
The Board of Directors of Washington Trust Bancorp (NASDAQ: WASH) declared a quarterly dividend of 56 cents per share for Q4 2022, marking a two cents increase from the previous dividend rate. This increase signifies the twelfth consecutive year of dividend growth. The dividend will be paid on January 6, 2023, to shareholders on record as of January 3, 2023. Washington Trust had approximately $6.4 billion in assets as of September 30, 2022.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) has initiated a stock buyback program, allowing for the repurchase of up to 850,000 shares, representing around 5% of its common stock. This program is set to commence on January 1, 2023, and will conclude on December 31, 2023. The actual repurchase will be subject to various factors including market conditions and regulatory considerations. As of November 30, 2022, the company had approximately 17.2 million shares outstanding.
The Washington Trust Company hosted 12 Community Shred Days in 2022, effectively shredding and recycling 36 tons of sensitive documents for residents of Rhode Island and Connecticut. These events contributed to significant resource savings, including 109 cubic yards of landfill diversion and 617 trees saved. Furthermore, the initiative raised awareness about fraud prevention while supporting local charities by collecting over 2,000 hygiene items and more than 1,100 pounds of food. This reflects Washington Trust’s commitment to sustainability and community support.
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