Washington Trust Announces Pricing of Upsized Stock Offering

Core Viewpoint - Washington Trust Bancorp, Inc. has announced a public offering of 1,911,764 shares of common stock at a price of $34.00 per share, aiming to raise approximately $61.75 million in net proceeds [1][2]. Group 1: Offering Details - The public offering is priced at $34.00 per share, with expected proceeds of approximately $61.75 million after deducting underwriting discounts and commissions [1]. - The underwriter has a 30-day option to purchase an additional 286,764 shares at the same public offering price [1]. - The offering is expected to close on December 16, 2024, subject to customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, including investments in the Bank and strategies for optimizing the Bank's balance sheet [2]. - Specific uses include the sale of lower-yielding loans, repayment of wholesale funding balances, and purchasing debt securities with current market yields [2]. Group 3: Company Background - Washington Trust Bancorp, Inc. is the publicly-owned holding company of The Washington Trust Company, with $7.1 billion in assets as of September 30, 2024 [8]. - Founded in 1800, it is recognized as the oldest community bank in the nation and the largest state-chartered bank headquartered in Rhode Island [8]. - The Bank offers a wide range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management [8].