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.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) is the parent of The Washington Trust Company, a community bank founded in 1800 and recognized by the company as the oldest community bank in the United States. From its base in Westerly, Rhode Island, Washington Trust offers commercial banking, mortgage banking, personal banking, and wealth management and trust services through offices in Rhode Island, Connecticut, and Massachusetts.
This news page aggregates coverage of Washington Trust’s key corporate developments and financial updates. Readers can follow announcements from the holding company and the Bank, including quarterly earnings results, dividend declarations by the Board of Directors, and information on capital management actions such as stock repurchase activity disclosed in SEC filings and press releases.
Because Washington Trust combines commercial banking with a significant wealth management business, its news flow often includes items on commercial real estate financing transactions, business banking initiatives, and expansions of its wealth management team and capabilities. The Bank also reports on branch openings and regional expansion within New England, as well as technology enhancements to its business banking and payment solutions.
In addition, Washington Trust regularly issues updates related to its long operating history, community engagement, and milestones as a Rhode Island‑based financial institution. Investors, customers, and community members can use this page to review historical and recent news about Washington Trust Bancorp (WASH) and The Washington Trust Company, including corporate announcements, operational highlights, and other material events described in company communications.
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The Washington Trust Company has appointed Rolando Lora as Executive Vice President and Chief Retail Lending Officer to lead its mortgage origination and consumer lending operations. Lora, bringing over 30 years of experience from Wells Fargo and JP Morgan Chase, aims to enhance market share and expand retail lending. Washington Trust's Chairman and CEO, Edward O. Handy III, expressed optimism about Lora's leadership, noting his successful managerial track record and community involvement. Founded in 1800, Washington Trust is the oldest community bank in the U.S., offering a variety of financial services across Rhode Island, Connecticut, and Massachusetts. This executive change could position the bank for further growth in its retail lending division.
Washington Trust Bancorp, Inc. (WASH) reported a first quarter 2023 net income of $12.8 million, or $0.74 per diluted share, down from $16.6 million in Q4 2022. The decrease in earnings is attributed to margin pressure from rising funding costs and competitive deposit pressures. Total revenues for the quarter were $50.5 million, an 8% decrease from the previous quarter. Net interest income fell to $37.2 million, down 10%, with the net interest margin at 2.33%. The company achieved an all-time loan high of $5.2 billion, reflecting a 2% increase. Despite a slight decline in in-market deposits, asset and credit quality metrics remained strong. Washington Trust's dividend was maintained at 56 cents per share, signaling confidence in its capital strength.
Washington Trust has expanded its operations by opening a new branch in Barrington, RI, marking its 26th location. The new branch will provide a full suite of financial services including deposits, mortgage and home equity loans, business banking, and wealth management. The bank, recognized as Rhode Island's largest independent bank and the oldest community bank in the nation, aims to serve individuals, businesses, and organizations in the East Bay area.
The grand opening is scheduled for April 29, featuring community engagement activities. Washington Trust, a subsidiary of Washington Trust Bancorp, Inc. (NASDAQ: WASH), has been a key player in financial services since its establishment in 1800.
Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced the schedule for its first quarter 2023 earnings release and conference call. The earnings release will take place on April 24, 2023, at 8:00 a.m. ET, followed by a conference call at 10:00 a.m. ET. Investors can participate by dialing 1-833-470-1428 or 1-929-526-1599 for international callers, using access code 046558. A webcast will also be available on the company’s investor relations website. Additionally, a replay of the teleconference will be accessible until May 8, 2023. Washington Trust, which has $6.7 billion in assets as of December 31, 2022, is the oldest community bank in the U.S. and is headquartered in Rhode Island.
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.