• Washington Trust Bancorp, Inc.
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  • Washington Trust Annual Meeting Highlights Outstanding 2006 Performance; First Quarter 2007 Results
    Company Release - 04/24/2007 14:08


    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 Library.

    "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 Group acquisition."

    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.

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