Washington Trust Announces Closing of Upsized Stock Offering
Rhea-AI Summary
Washington Trust Bancorp (NASDAQ: WASH) has successfully closed its upsized public stock offering, selling 1,911,764 shares at $34.00 per share. The offering included 286,764 additional shares through the underwriters' purchase option, bringing the total to 2,198,528 shares. BofA Securities acted as the sole book-running manager.
The company expects to receive approximately $71.01 million in proceeds after underwriting discounts and commissions. The funds will be used for general corporate purposes, including supporting organic growth, capital generation, Bank investments, and balance sheet optimization strategies such as selling lower-yielding loans, repaying wholesale funding, and purchasing higher-yielding debt securities.
Positive
- Successfully raised $71.01 million through stock offering
- Funds will support organic growth and capital generation
- Planning balance sheet optimization to improve yield
Negative
- Potential shareholder dilution from 2,198,528 new shares issued
News Market Reaction
On the day this news was published, WASH declined 2.53%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The expected proceeds to the Corporation, after deducting underwriting discounts and commissions but before deducting operating expenses payable by the Corporation, are approximately
SPECIAL NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that are "forward-looking statements." Forward looking-statements include all statements that are not historical facts and include any statements regarding the intended use of net proceeds from the offering. We may also make forward-looking statements in other documents we file with the SEC, in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. A detailed discussion of factors that could affect our results is included in the Corporation's SEC filings, including Item 1A. "Risk Factors" of its Annual Report on Form 10-K for the year ended December 31, 2023. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from the anticipated future results, performance, or achievements expressed or implied by the forward-looking statements. The Corporation undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law.
ABOUT WASHINGTON TRUST BANCORP, INC.
Washington Trust Bancorp, Inc., NASDAQ: WASH, is the publicly-owned holding company of The Washington Trust Company ("Washington Trust", "the Bank"), with
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SOURCE Washington Trust Bancorp, Inc.
FAQ
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