Washington Tr Bancorp Inc Stock Price, News & Analysis

On April 5, 2023, Washington Trust announced the promotions of four senior managers to Executive Vice President. The promotees include:

• Anthony Botelho, Chief Commercial Lending Officer, brings over 35 years of experience in lending and market development.
• Elizabeth Boyle Eckel, Chief Marketing & Corporate Communications Officer, has more than 30 years in marketing and investor relations.
• James A. Mignone, Chief Information Officer, leads bank operations with a background in technology and banking.
• Julia Anne M. Slom, Chief Commercial Real Estate Lending Officer, has been pivotal in developing the bank's commercial real estate group.

Washington Trust has been chosen to participate in the Federal Home Loan Bank of Boston's homeownership assistance programs: Equity Builder Program and Housing Our Workforce. The Equity Builder Program offers up to $29,000 for borrowers earning up to 80% of the area median income for down-payment assistance. The Housing Our Workforce program assists homebuyers earning between 80% and 120% of the area median income with up to $25,000 for down payments. Washington Trust can access up to $350,000 through the Equity Builder Program and $260,000 through Housing Our Workforce in 2023.

Washington Trust Bancorp, Inc. (NASDAQ: WASH) has declared a quarterly dividend of 56 cents per share for the quarter ending March 31, 2023. This dividend will be paid on April 13, 2023 to shareholders on record as of April 3, 2023. As of December 31, 2022, the company reported $6.7 billion in assets, positioning itself as the oldest community bank in the nation and the largest state-chartered bank in Rhode Island. This consistent dividend payment reflects Washington Trust's commitment to providing returns to its shareholders.

The Washington Trust Company has launched a new account, Simply Free, aimed at offering customers a banking option that avoids overdraft fees, monthly charges, and minimum balance requirements. This account includes standard features such as debit card access, mobile banking, and bill payments, while promoting financial wellness. It is certified by the Cities for Financial Empowerment Fund under the Bank On National Account Standards, ensuring it meets necessary safety and affordability criteria. Washington Trust is committed to empowering customers financially amid ongoing economic challenges.

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.