Finance

Washington Trust Bancorp, Inc. Announces Significant Quarterly Dividend

WESTERLY, R.I., March 21, 2024 /PRNewswire/ -- Today marks an important financial update for shareholders as the Board of Directors of Washington Trust Bancorp, Inc. has officially authorized a substantial quarterly dividend. The acclaimed financial organization, recognized by its NASDAQ symbol WASH, has declared that a dividend of 56 cents per share will be distributed for the quarter that ends on March 31, 2024. This announcement is particularly noteworthy for investors who have been closely monitoring the company’s performance, as the payout is scheduled to be made on April 12, 2024, to all shareholders who are registered by April 1, 2024.

A Stalwart in the Financial Industry

Washington Trust Bancorp, Inc., the publicly-owned holding company of The Washington Trust Company and referred to commonly by its NASDAQ identification WASH, encompasses $7.2 billion in assets as reported at the close of the year on December 31, 2023. Founded over two centuries ago in 1800, Washington Trust takes pride in its reputation as both the oldest community bank in the nation and the most substantial state-chartered bank within the borders of Rhode Island. Additionally, it stands tall as one of the most respected financial services companies throughout the Northeast.

Dedicated to its foundational role as a community bank, Washington Trust is unequivocally committed to the enhancement of financial lives among the constituents of New England. In its mission to support the populace, the bank deftly caters to a broad spectrum of needs by offering comprehensive services. These offerings encompass commercial banking, mortgage banking, personal banking, and wealth management services. Their expansive footprint covers strategic locations in Rhode Island, Connecticut, and Massachusetts. Furthermore, the bank employs a full suite of digital tools for convenience and accessibility, ensuring state-of-the-art service delivery.

Imbued with a philosophy of equitable service, Washington Trust operates as a member of the FDIC (Federal Deposit Insurance Corporation) and firmly upholds the values of equal housing lending. Additional information about the corporation can be unearthed on their investor relations website ir.washtrust.com, while the bank’s website www.washtrust.com serves as a window to its vast array of services and offerings.

Comprehensive Financial Solutions for Diverse Needs

The ethos of Washington Trust is steeped in tradition yet adeptly fused with a forward-thinking approach. In the realm of commercial banking, the bank presents a variety of solutions designed to meet the evolving needs of businesses, from the provision of business loans to the deployment of treasury management services that ensure fluidity in cash flows and operational efficiency. Their staunch support for local businesses is a testament to their dedication to regional economic growth and prosperity.

On the personal front, Washington Trust understands that home ownership is a cornerstone of individual and familial stability. Hence, their mortgage banking sector is tailored to offer competitive rates, coupled with expert advice to guide clients through the intricacies of home financing. Whether it's first-time homebuyers or those seeking to refinance, the bank's mortgage specialists stand ready to assist at every turn within this pivotal life event.

In personal banking territory, Washington Trust does not merely serve as a repository for funds but as a dynamic partner in financial wellbeing. Checking and savings accounts, personal loans, and credit facilities all form part of a suite designed to empower clients in managing their day-to-day finances with agility and confidence. Additionally, the integration of state-of-the-art digital banking technology enables customers to engage with their accounts seamlessly, whether it's for routine transactions or complex financial planning.

The bank’s wealth management division is a beacon of financial acumen, offering a sophisticated assortment of strategic services aimed at asset growth and preservation. From investment management to estate planning, the seasoned professionals at Washington Trust stand ready to navigate clients through the sometimes turbulent waters of wealth accumulation and intergenerational asset transfer, ensuring peace of mind and fiscal security.

Digital Innovation at the Forefront

Staying abreast of technological innovation, Washington Trust has invested heavily in digital banking platforms. The convenience of online and mobile banking has been embraced by the bank, ensuring customers can conduct financial activities from virtually anywhere, without the need for visiting a physical branch. This leap into the digital age signifies Washington Trust’s commitment to contemporary banking needs, prioritizing customer experience through technological empowerment.

Clients can access a gamut of functionalities through the bank's digital portals, engaging in everything from routine bill payments to sophisticated financial analysis and planning. This dedication to digital excellence is part of a broader strategy to offer unsurpassed convenience while maintaining the highest levels of security and customer support.

A Legacy of Trust and Innovation

Washington Trust’s journey through more than two centuries in the banking sector is marked by a legacy of trust, reliability, and innovation. As the oldest community bank in the United States, the institution holds an esteemed place in the history of American finance. With a steadfast commitment to community development and economic progress, it continues to be a pillar in its regions of operation, notably Rhode Island, Connecticut, and Massachusetts.

This legacy is further bolstered by the bank’s continuous evolution to address contemporary challenges and opportunities within the financial services sector. Their versatile blend of traditional banking services and modern digital solutions presents customers with an enviable advantage—a bank that respects the traditions of the past while pioneering the banking future.

Forging Paths in Community Banking

A core tenet of Washington Trust is its unwavering dedication to the foundational principles of community banking. This dedication has driven the bank to consistently forge paths that enhance customer relations and uphold local economies. By delivering a personalized banking experience that is deeply rooted in the unique needs of the communities it serves, Washington Trust ensures that its clients receive a tailored approach that is seldom found in larger, non-community-oriented financial institutions.

Investing in Regional Growth

The dividend announcement from Washington Trust Bancorp, Inc. comes as a representation of the bank's robust financial standing and its confidence in its ongoing strategic operations. The declared dividend is expected to uphold shareholder value and reflect the company’s prudential financial management and strong earnings performance. Such financial acumen provides an encouraging signal to the marketplace, reinforcing Washington Trust’s position as a solid investment choice for those interested in the financial industry sector.

A Testament to Resilience and Excellence

Furthermore, the decision to issue a consistent and noteworthy dividend is a testament to the bank’s resilience in the face of an ever-changing financial landscape. It is an undeniable indicator of the bank's financial health and a measure of its commitment to returning value to its shareholders. This move is indicative of the company’s continued pursuit of excellence, aimed at maintaining and elevating its status as a premier financial entity in the Northeast.

Conclusion

In the light of this strategic dividend declaration, Washington Trust Bancorp, Inc. not only continues to enrich its storied lineage but also cements its role as a forward-moving force in the financial industry. The announcement is anticipated to spark positive reactions among the bank's shareholders and serves as a reflection of the bank's stability and optimistic outlook for the future.

As reported on March 21, 2024, the declaration of the quarterly dividend by the Board of Directors of Washington Trust Bancorp, Inc. marks another milestone in the esteemed bank’s enduring legacy—the legacy of an institution that has not only survived but thrived through the dynamic challenges of over two centuries in banking. With a robust balance sheet, a diversified range of services, and a commitment to both tradition and innovation, Washington Trust stands poised to continue its trajectory of growth and success.

For additional insights into Washington Trust Bancorp, Inc.’s services and financial reports, or for more details pertaining to this dividend announcement, interested parties can visit the corporation’s investor relations portal at ir.washtrust.com, or delve into the bank’s comprehensive financial solutions at www.washtrust.com.