WESTERLY, R.I.--(BUSINESS WIRE)--
Trust Bancorp, Inc. (NASDAQ OMX®: WASH), parent company
of The Washington Trust
Company today held its Annual Meeting of Shareholders, for the year
ended December 31, 2013, at the Westerly Public Library. Joseph J.
MarcAurele, Washington Trust Chairman and Chief Executive Officer,
presided over the business portion of the meeting. Edward O. “Ned”
Handy, III, Washington Trust President and Chief Operating Officer, and
David V. Devault, Washington Trust Vice Chair, Secretary, and Chief
Financial Officer, reviewed the Corporation’s 2013 performance and
commented on results for the first quarter ended March 31, 2014, which
were released the day before.
During the business portion of the Meeting four directors were elected
to the Corporation’s board of directors for terms ending in 2017: John
J. Bowen, Chancellor and Chief Executive Officer of Johnson & Wales
University; Robert A. DiMuccio, CPA, President and Chief Executive
Officer of Amica Mutual Insurance Company; H. Douglas Randall, III,
Chief Executive Officer of Randall, Realtors; and John F. Treanor,
retired President and Chief Operating Officer of Washington Trust.
Shareholders also 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, 2014, and approved a
non-binding resolution for compensation of the Corporation’s named
Joseph J. MarcAurele introduced Ned Handy to shareholders as the
Corporation’s new President and Chief Operating Officer. Handy, who
joined Washington Trust in November 2013 from RBS Citizens Financial
Group, noted, “While I always regarded Washington Trust as a strong
competitor, I didn’t truly understand just how special this company was
until I came on board. What I learned was, not only does Washington
Trust have a remarkable and successful history, but the company has an
extraordinary internal service culture that has stood the test of time.”
Handy added that Washington Trust’s 2013 performance was “one for the
history books,” marked by record earnings and all-time high levels of
deposits, loans, and wealth management assets under administration.
Handy attributed the Corporation’s success to the “power of
partnerships” the company has with its key constituents: employees,
customers, community, and shareholders.
Upon reviewing Washington Trust’s 2013 and first quarter 2014 financial
results, David V. Devault noted the Corporation’s continued
profitability, capital strength, and asset quality. He stated that, as a
result of Washington Trust’s strong performance, the Corporation had
increased the cash dividend for three consecutive quarters.
In his closing remarks, MarcAurele mentioned that Washington Trust, the
largest bank headquartered in Rhode Island, is scheduled to open a new
branch in Johnston, RI next month. He noted that the Corporation would
continue to focus on ways to assist its customers through market
expansion, technological enhancements and service excellence.
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 NASDAQ OMX®
under the symbol WASH. Investor information is available on the
Corporation’s web site: www.washtrustbancorp.com.
Washington Trust Bancorp, Inc.
Elizabeth B. Eckel, 401-348-1309
Vice President, Marketing
Source: Washington Trust Bancorp, Inc.