WESTERLY, R.I.--(BUSINESS WIRE)--
Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent of The
Washington Trust Company, today held its Annual Meeting of
Shareholders for the year ended December 31, 2006. Approximately 200
shareholders and guests attended the Meeting at the Westerly Public
"Washington Trust had an outstanding year in 2006," said John C.
Warren, chairman and chief executive officer of Washington Trust. "All
of our major lines of business performed well. Total loans rose by
$58.1 million, including commercial and commercial real estate loans
which were up by $32.7 million. We also had good deposit growth,
considering the extremely competitive environment, with total deposits
up 2.4 percent in 2006. In addition, our wealth management area
experienced significant gains with an increase in revenues of
58 percent from 2005, in large part reflective of our Weston Financial
David V. Devault, executive vice president, secretary, treasurer
and chief financial officer, discussed the Bank's 2006 financial
results and first quarter 2007 performance. "First quarter 2007 net
income amounted to $6.0 million, or 44 cents per diluted share."
Devault said, "We increased the dividend for the fifteenth consecutive
year and continued to maintain excellent asset quality."
Warren also spoke of the Bank's recent plans to open two new
branches in central Rhode Island. A new Cranston branch, to be located
at 1203 Oaklawn Avenue, is expected to open next month. Warren also
noted that the Bank plans to open a new branch in Warwick in 2008. The
opening of these branches will bring the Bank's total number of
branches to 18. Warren said, "The potential for these branches are
outstanding, the city of Cranston ranks 3rd in the state in
population, and our new Warwick location will be on Warwick Avenue
near the airport and many other popular Rhode Island attractions." The
opening of the Warwick branch is subject to regulatory approval.
During the business portion of the Meeting, Barry G. Hittner,
Katherine W. Hoxsie, Edward M. Mazze, Kathleen E. McKeough and John C.
Warren were elected to the Corporation's Board of Directors for terms
ending in 2010. Retiring board member, Joyce Olson Resnikoff was also
recognized for her contributions and years of service to Washington
Trust. In other business, shareholders ratified the selection of KPMG
LLP as independent auditors for the Corporation for the current fiscal
year ending December 31, 2007.
The audio and slides of the Annual Meeting are available on
Washington Trust's website, http://www.washtrust.com, by selecting the
Investor Relations section and then clicking on Presentations.
Washington Trust Bancorp, Inc. is the publicly-owned holding
company of The Washington Trust Company, a Rhode Island-chartered bank
founded in 1800. Washington Trust offers personal banking, business
banking and wealth management services, through its offices in Rhode
Island, Massachusetts 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: www.washtrust.com.
This report contains certain statements that may be considered
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The actual results, performance or
achievements of the Corporation could differ materially from those
projected in the forward-looking statements as a result, among other
factors, of changes in general national or regional economic
conditions, changes in interest rates, reductions in the market value
of wealth management assets under administration, reductions in loan
demand, reductions in deposit levels necessitating increased borrowing
to fund loans and investments, changes in loan default and charge-off
rates, changes in the size and nature of the Corporation's
competition, changes in legislation or regulation and accounting
principles, policies and guidelines, and changes in the assumptions
used in making such forward-looking statements. The Corporation
assumes no obligation to update forward-looking statements or update
the reasons actual results, performance or achievements could differ
materially from those provided in the forward-looking statements,
except as required by law.
Source: Washington Trust Bancorp, Inc.