Welcome to our dedicated page for Washington Trust Bancorp news (Ticker: $WASH), a resource for investors and traders seeking the latest updates and insights on Washington Trust Bancorp stock.
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.
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