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
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
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.:
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
Vice President, Marketing
Source: Washington Trust Bancorp, Inc.