WESTERLY, R.I.--(BUSINESS WIRE)--Aug. 3, 2005--Washington Trust
Bancorp, Inc. (Nasdaq National Market; symbol: WASH), parent company
of The Washington Trust Company, today announced that Galan G. Daukas,
will join the Corporation and the Bank as Executive Vice President on
August 30, 2005. In this newly created role, Daukas will lead the
Bank's Wealth Management division with offices in Providence,
Westerly, and Narragansett, RI, as well as Wellesley, MA following The
Weston Financial Group acquisition. Daukas, who will be based in
Providence, RI, will be responsible for establishing and executing
strategy for the Bank's Trust and Investment area, Phoenix Investment
Management, and The Weston Financial Group, which the Bank expects to
acquire in the third quarter of 2005, after receiving appropriate
"We are pleased to welcome Galan to our team," stated John C.
Warren, Washington Trust Chairman and Chief Executive Officer. Adding,
"He brings tremendous experience and knowledge of the industry and we
look forward to growing our Wealth Management business under his
Daukas comes to Washington Trust from The Managers Funds, LLC
where he served as Chief Operating Officer of the Norwalk, CT-based
firm. During his tenure with The Managers Funds, the firm grew from
$2.7 to $8.5 billion in assets under management. Prior to that, Daukas
served as Chief Operating Officer and Chairman of the Management
Committee of Harbor Capital Management Company in Boston, MA. He also
held various positions at Fleet Investment Advisors in Boston, MA from
1992-2000, including serving as Chief Operating Officer during a
period in which assets under management grew from $25 billion to more
than $100 billion. Daukas has earned professional designations as a
Chartered Financial Analyst (CFA) and a Certified Financial Planner
(CFP). He received his MA in Economics/Finance from Trinity College
and an AB from Dartmouth College.
Daukas joins Washington Trust at a key point of the Bank's
expansion in the wealth management area. As previously reported on
March 21, 2005, Washington Trust announced the signing of a definitive
agreement to acquire Weston Financial Group, a registered investment
advisor located in Wellesley, Massachusetts with assets under
management in excess of $1.2 billion. The acquisition, which is
subject to state and federal regulatory approval, will most likely be
completed in the third quarter of 2005. Once the Weston acquisition is
complete, Washington Trust's Wealth Management area will have more
than $3.0 billion in assets under administration.
Washington Trust Bancorp, Inc. is the parent of The Washington
Trust Company, a Rhode Island state-chartered bank founded in 1800.
The Bank offers personal banking, business banking and wealth
management services through its offices in Rhode Island and
southeastern Connecticut. Washington Trust Bancorp, Inc.'s common
stock trades on The Nasdaq Stock Market(R) under the symbol WASH.
Investor information is available on the Corporation's web site:
CONTACT: Washington Trust Bancorp, Inc.
Elizabeth B. Eckel, 401-348-1309
Senior Vice President, Marketing
SOURCE: Washington Trust Bancorp, Inc.