Washington Trust Bancorp Initiates $55 Million Stock Offering to Fuel Growth Strategies
Washington Trust Bancorp, Inc., the parent company of The Washington Trust Company, has announced the commencement of a public stock offering valued at $55 million. This offering is designed to bolster the bank’s growth strategies and ensure operational efficiency.
The corporation has initiated this underwritten public offering under the guidance of BofA Securities, which serves as the sole book-running manager for the deal. In addition to the initial offering, Washington Trust is also granting underwriters a 30-day option to acquire an additional 15% of the shares sold during this offering. This flexibility allows for potential adjustment based on demand.
The funds raised through this capital-raising initiative will primarily be allocated toward general corporate purposes. Washington Trust intends to leverage the net proceeds to enhance its organic growth, invest in capital generation projects, and optimize the bank's overall balance sheet. Specific strategies under consideration include divesting lower-yielding loans and managing available-for-sale debt securities. Additionally, the funds will facilitate the repayment of wholesale funding balances and the acquisition of higher-yielding debt securities currently available in the market.
The stock offering is being carried out according to a shelf registration statement that was filed with the Securities and Exchange Commission (SEC) on September 8, 2023. This statement received effective approval from the SEC on September 29, 2023. A preliminary prospectus supplement related to this offering has been filed, and an accompanying prospectus supplement will be submitted before the offer closes.
Investors interested in this offering are encouraged to review the preliminary prospectus supplement and accompanying documents for comprehensive insights on risk factors and other pertinent information. These documents can be accessed free of charge through the SEC’s EDGAR website or directly from BofA Securities, at their Charlotte office, or via email.
It's essential to note that this announcement does not constitute an offer or solicitation to buy any securities. Washington Trust firmly affirms that no sales will take place in jurisdictions where the offering, solicitation, or sale is deemed unlawful unless properly registered or qualified under applicable laws.
In the realm of risk disclosure, Washington Trust’s press release is imbued with forward-looking statements regarding the offering and the proposed utilization of the funds raised. However, it’s imperative for potential investors to critically assess these statements, which are historically subject to inherent risks and uncertainties, potentially leading actual outcomes to deviate from forward-looking predictions. A detailed outline of such risk factors can be found in the corporation’s SEC filings, particularly in the 'Risk Factors' section of their latest Annual Report. Thus, Washington Trust does not undertake any obligation to update or revise forward-looking statements following regulatory standards.
Washington Trust Bancorp, Inc. stands as the publicly traded holding entity of The Washington Trust Company. As of September 30, 2024, the bank has managed assets totaling approximately $7.1 billion, embodying its longevity since its inception in 1800, and its positioning as the oldest community bank in the United States. Located in Westerly, Rhode Island, Washington Trust plays a vital role in local financial services and strives to uplift the financial standards of the New England community through a comprehensive range of banking services. This includes commercial and personal banking, mortgage services, wealth management, and the convenience of advanced digital banking tools. As a staunch advocate for community banking, Washington Trust is dedicated to the prosperity of individuals and businesses alike across the region.
The corporation has initiated this underwritten public offering under the guidance of BofA Securities, which serves as the sole book-running manager for the deal. In addition to the initial offering, Washington Trust is also granting underwriters a 30-day option to acquire an additional 15% of the shares sold during this offering. This flexibility allows for potential adjustment based on demand.
The funds raised through this capital-raising initiative will primarily be allocated toward general corporate purposes. Washington Trust intends to leverage the net proceeds to enhance its organic growth, invest in capital generation projects, and optimize the bank's overall balance sheet. Specific strategies under consideration include divesting lower-yielding loans and managing available-for-sale debt securities. Additionally, the funds will facilitate the repayment of wholesale funding balances and the acquisition of higher-yielding debt securities currently available in the market.
The stock offering is being carried out according to a shelf registration statement that was filed with the Securities and Exchange Commission (SEC) on September 8, 2023. This statement received effective approval from the SEC on September 29, 2023. A preliminary prospectus supplement related to this offering has been filed, and an accompanying prospectus supplement will be submitted before the offer closes.
Investors interested in this offering are encouraged to review the preliminary prospectus supplement and accompanying documents for comprehensive insights on risk factors and other pertinent information. These documents can be accessed free of charge through the SEC’s EDGAR website or directly from BofA Securities, at their Charlotte office, or via email.
It's essential to note that this announcement does not constitute an offer or solicitation to buy any securities. Washington Trust firmly affirms that no sales will take place in jurisdictions where the offering, solicitation, or sale is deemed unlawful unless properly registered or qualified under applicable laws.
In the realm of risk disclosure, Washington Trust’s press release is imbued with forward-looking statements regarding the offering and the proposed utilization of the funds raised. However, it’s imperative for potential investors to critically assess these statements, which are historically subject to inherent risks and uncertainties, potentially leading actual outcomes to deviate from forward-looking predictions. A detailed outline of such risk factors can be found in the corporation’s SEC filings, particularly in the 'Risk Factors' section of their latest Annual Report. Thus, Washington Trust does not undertake any obligation to update or revise forward-looking statements following regulatory standards.
Washington Trust Bancorp, Inc. stands as the publicly traded holding entity of The Washington Trust Company. As of September 30, 2024, the bank has managed assets totaling approximately $7.1 billion, embodying its longevity since its inception in 1800, and its positioning as the oldest community bank in the United States. Located in Westerly, Rhode Island, Washington Trust plays a vital role in local financial services and strives to uplift the financial standards of the New England community through a comprehensive range of banking services. This includes commercial and personal banking, mortgage services, wealth management, and the convenience of advanced digital banking tools. As a staunch advocate for community banking, Washington Trust is dedicated to the prosperity of individuals and businesses alike across the region.
Topics Financial Services & Investing）
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