• Washington Trust Bancorp, Inc.
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  • Washington Trust Annual Meeting Highlights Corporate Strength, Profitability & Growth
    Company Release - 04/24/2012 11:59

    WESTERLY, R.I.--(BUSINESS WIRE)-- Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), parent company of The Washington Trust Company, today held its Annual Meeting of Shareholders for the year ended December 31, 2011. Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer, and David V. Devault, Washington Trust Senior Executive Vice President, Secretary, and Chief Financial Officer, presided over the Meeting held at the Westerly Public Library.

    Washington Trust’s record earnings, strong capital position, and network expansion were highlighted at the Meeting. MarcAurele noted, “Washington Trust is respected and recognized as one of the premier financial services companies in the Northeast.” MarcAurele added, “Despite economic and competitive challenges, we capitalized on opportunities in the marketplace and posted record earnings at year-end 2011 and the first quarter of 2012. He also stated that the Corporation is well-poised for future growth and will open its nineteenth branch, located on Plainfield Pike in Cranston, Rhode Island, in late summer 2012.

    David V. Devault reviewed the Corporation’s record first quarter 2012 results, stating, “I am very pleased to report that net income and diluted earnings reached all-time records for the company. All major business lines contributed to these results, including a continuation of the success in the mortgage banking business.”

    In his closing remarks, MarcAurele stated, “Washington Trust been in business for almost 212 years. And, while a lot has changed, one thing that hasn’t changed…banking is still about people. Washington Trust is a trusted advisor and a community partner committed to helping people reach their financial goals and making our corner of the world a better place to live, work, and play.”

    Early in the program, special recognition was paid toGary P. Bennett, who retired from Washington Trust’s board effective with the Meeting. Bennett had been a Washington Trust director since 1994 and served on the Compensation and Human Resources Committee, the Nominating and Corporate Governance Committee, and the Executive Committee, as well as the Trust Committee for the Bank. Mr. MarcAurele thanked Mr. Bennett for his eighteen years of dedicated service to the Corporation and welcomed him to Washington Trust’s Advisory Board.

    During the business portion of the meeting, five directors: Steven J. Crandall; Joseph J. MarcAurele; Victor J. Orsinger, II; Edwin J. Santos; and Patrick J. Shanahan, Jr. were elected to the Corporation’s board of directors for terms ending in 2015. Santos, who officially joined Washington Trust’s board of directors at today’s Meeting, is a Certified Internal Auditor and is active in the Rhode Island community, currently serving as Chairman of the Board of CharterCARE Health Partners and Crossroads RI,.

    In other business, shareholders ratified the selection of KPMG LLP to serve as the independent registered public accounting firm for the Corporation for the current fiscal year ending December 31, 2012. Shareholders also approved a non-binding resolution to approve the compensation of the Corporation’s named executive officers.

    The Annual Meeting presentation is available on Washington Trust’s web site at www.washtrust.com, under the Investor Relations section, by clicking on “Presentations.”

    About Washington Trust Bancorp, Inc.:

    Washington Trust Bancorp, Inc, is the parent of The Washington Trust Company, a state-chartered bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. Washington Trust offers a full range of financial services, including commercial banking, small business banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Corporation’s common stock trades on The NASDAQ Global Select® Stock Marketunder the symbol WASH. Investor information is available on the Corporation’s web site: www.washtrust.com.

    Washington Trust Bancorp, Inc.
    Elizabeth B. Eckel, 401-348-1309
    Senior Vice President, Marketing
    ebeckel@washtrust.com

    Source: Washington Trust Bancorp, Inc.