Washington Trust Announces Stock Offering

Core Viewpoint - Washington Trust Bancorp, Inc. has initiated a public offering of $55 million in common stock to support its growth and capital generation strategies [1][2]. Group 1: Offering Details - The offering includes a 30-day option for the underwriter to purchase an additional 15% of the shares sold [1]. - BofA Securities is the sole book-running manager for this offering [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for general corporate purposes, including investments in the Bank and optimizing the Bank's balance sheet [2]. - Specific strategies mentioned include selling lower-yielding loans, repaying wholesale funding balances, and purchasing debt securities with current market yields [2]. Group 3: Company Background - Washington Trust Bancorp, Inc. is the holding company for The Washington Trust Company, with total assets of $7.1 billion as of September 30, 2024 [7]. - Established in 1800, it is recognized as the oldest community bank in the U.S. and the largest state-chartered bank in Rhode Island [7]. - The Bank offers a variety of financial services, including commercial banking, mortgage banking, personal banking, and wealth management across Rhode Island, Connecticut, and Massachusetts [7].