Washington Trust Bancorp Successfully Completes Upsized Stock Offering to Fuel Growth Strategies

Washington Trust Announces Completion of Upsized Stock Offering



Washington Trust Bancorp, Inc. (Nasdaq: WASH), the parent company of The Washington Trust Company based in Westerly, has officially closed its expanded public offering of shares. On December 16, 2024, the Corporation announced that it successfully offered 1,911,764 shares of its common stock at a price of $34.00 each, garnering an impressive total of approximately $71.01 million in net proceeds after accounting for underwriting discounts and commissions.

This venture sees Washington Trust not only raising capital but also further solidifying its position as a leader in the financial services sector. The offering comprised a total of 2,198,528 shares, which included 286,764 shares acquired through the underwriters' purchase option—a clear signal of investor confidence in Washington Trust’s trajectory.

BofA Securities acted as the sole book-running manager for this pivotal offering, emphasizing the importance of strategic partnership in securing favorable outcomes in the competitive financial market. The proceeds from this capital infusion will be directed towards a variety of initiatives aimed at driving organic growth and enhancing the overall balance sheet.

Future Financial Strategies



Washington Trust has outlined its intended use of the raised funds, which includes investments designed to support the Bank's growth strategies. These strategies may involve optimizing the Bank's balance sheet through measures such as the sale of lower-yielding loans, purchasing securities that reflect current market yields, and repaying outstanding wholesale funding balances. This indicates a proactive approach to not only increase liquidity but also to maximize return on investment, aligning with the Corporation’s commitment to long-term growth and stability.

A Legacy of Financial Service



Founded in 1800, Washington Trust holds the distinction of being the oldest community bank in America. The Bank, which boasts $7.1 billion in assets as of September 30, 2024, emphasizes its role in the New England community and is seen as a reliable financial partner for individuals, businesses, and organizations.

Notable for its comprehensive suite of services, Washington Trust offers commercial banking, mortgage solutions, personal banking, and wealth management services across its locations in Rhode Island, Connecticut, and Massachusetts. Additionally, its strong digital platform enhances client access to various financial services, ensuring that customers can manage their finances conveniently and efficiently.

Looking Ahead



As Washington Trust Bancorp moves forward post-offering, it remains focused on its commitment to community banking. The Corporation expresses its dedication to leveraging new capital as a means of fostering economic growth within the region it serves. This period marks not only a significant point for Washington Trust but also for all clients and stakeholders involved in its journey.

In the increasingly dynamic landscape of financial services, the successful completion of this upsized stock offering reflects Washington Trust’s strategies to innovate and adapt to changing market conditions, thereby preserving its legacy as a pillar of financial support in the communities it serves. The Corporation’s forward-looking statements suggest a commitment to navigating the complexities that lie ahead while maintaining transparency with investors and clients alike. As always, Washington Trust encourages continuous engagement and is poised for a bright future in restructuring its financial strategies for optimal growth.

The forward-looking statements presented in this announcement highlight the Corporation's outlook without guaranteeing performance; yet, they encapsulate Washington Trust’s vision of an innovative approach towards achieving sustainability and growth in the competitive banking sector.

Topics Financial Services & Investing)

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