Recognition Paid to Retiring Chairman & CEO John C. Warren
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, 2009. The
Meeting, attended by approximately 100 shareholders and guests, also
marked the retirement of Chairman and Chief Executive Officer John C.
Warren, who is retiring effective April 30, 2010 after serving 14 years
in executive management positions at Washington Trust.
Washington Trust's current President and Chief Operating Officer Joseph
MarcAurele will succeed Warren in his position. MarcAurele stated,
"What's remarkable about John Warren is his incredible vision for
identifying opportunities in the market, but also his discipline and
focus during difficult economic times."
This vision and focus were highlighted in today's Meeting as executives
discussed Washington Trust's solid growth in 2009, including
double-digit increases in commercial lending and wealth management
assets under management, as well as excellent growth in both deposits
and mortgage lending activity. Washington Trust's physical presence also
expanded in 2009 with the opening of the Governor Francis branch in
Warwick and a mortgage office in Sharon, Mass.
David V. Devault, executive vice president, chief financial officer, and
secretary, reviewed the Corporation's significant results for the first
quarter ended March 31, 2010, stating, "We experienced continued growth
in loans and deposits and our wealth management business showed strong
improvement. Our asset quality remains sound and our capital ratios have
According to MarcAurele, Washington Trust will continue to explore
opportunities to grow the company either through organic growth or
strategic acquisitions. "We are operating in a difficult and
ever-changing environment, but I can assure you Washington Trust is
well-positioned for further success. We have a great management team, an
outstanding reputation, and the right products to compete against all
Warren's tenure marked by exemplary leadership and great
A key component of the Meeting was the recognition of John C. Warren and
his contributions to Washington Trust. Under his steady guidance,
Washington Trust has evolved from a South County, Rhode Island bank with
assets of $695 million to one of the Northeast's premier diversified
financial services companies with $2.9 billion in assets. During his
tenure, the Bank made four strategic acquisitions, grew its market share
and expanded its branch network. As a result, it is now the largest
independent bank headquartered in Rhode Island. In addition, the
Corporation's wealth management area now has four offices and $3.9
billion in assets under management, compared to $539 million in 1996.
Warren has also made his mark among employees and in the community
during his tenure -- imparting great vision for growth and establishing
programs, services and initiatives that enhance the lives of employees,
customers and 'neighbors' - all while staying true to the core values of
MarcAurele added, "What compliments John's vision and leadership is his
deep commitment to the corporate culture he established - one in which
the core values of quality, community and integrity are upheld. John
truly believes that 'people matter' and his decisions are based on
what's right for his employees, customers and the communities the Bank
Warren's belief in the corporate culture are reflected in the
initiatives he crafted during his administration, including a 'family
friendly' benefits package to meet the needs of a changing workforce, a
generous educational benefits program, providing all employees with the
opportunity to further their education, and a program to recognize and
reward employees for community service and volunteerism.
Warren's commitment to a strong and supportive workplace has not gone
unnoticed. On his watch, Washington Trust has earned a number of awards.
He is an exemplary corporate citizen who serves as a board member for a
number of civic, professional, and charitable organizations, and his
entrenchment in the community is frequently recognized. Warren was the
recipient of the 2004 Humanitarian Award from the National Conference
for Community and Justice, the 2005 Community Service Award from
Leadership Rhode Island, and the 2006 Business Leadership Award from the
Providence Business News. Additionally, Warren was named an honorary
Doctor of Business Administration by Bryant University in 2008 and
received the Distinguished Eagle Scout Award from the National Eagle
The South Kingstown resident is a native of Natick, Mass., and a
graduate of Yale University. He also completed the Program for
Management Development at the Harvard Business School.
During the business portion of the meeting, Barry G. Hittner, Esq.,
Katherine W. Hoxsie, CPA, Edward M. Mazze Ph.D., Kathleen E. McKeough
and John C. Warren were elected to the Corporation's Board of Directors
for terms ending in 2013. In addition, Neil H. Thorp, who retired from
the board, was recognized for his 27 years of service. In other
business, shareholders ratified the selection of KPMG LLP as the
independent registered public accounting firm for the Corporation for
the current fiscal year ending December 31, 2010.
The audio and slides of the Annual Meeting are available on Washington
Trust's Web site at www.washtrust.com,
by selecting the Investor Relations section and then clicking on
About Washington Trust Bancorp:
Washington 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
business banking, personal
banking, and wealth
management and trust services through its offices located in Rhode
Island, southeastern Connecticut and eastern Massachusetts. The
Corporation's common stock trades on The NASDAQ Global Select(R) Stock
Marketunder the symbol WASH. Investor information is
available on the Corporation's web site: www.washtrust.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6266207&lang=en
Source: Washington Trust Bancorp, Inc.