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, 2012. Joseph J. MarcAurele, Washington Trust Chairman, President, and Chief Executive Officer, and David V. Devault, Washington Trust Senior Executive Vice President, Secretary, and Chief Financial Officer, presided over the Meeting held at the Westerly Public Library. They reviewed the Corporation’s 2012 performance and commented on financial results for the first quarter ended March 31, 2013.
Joseph J. MarcAurele stated that the Corporation’s 2012 record financial performance was attained through industry leadership, market expansion and key business line growth. Noting, “Washington Trust is regarded as one of the leading financial service companies locally, regionally, and nationally, and has also been recognized as one of the top-performing banks in the United States.”
David V. Devault reviewed the Corporation’s first quarter 2013 earnings, that were released yesterday, stating, “The Company’s core business lines continued to perform well; we saw good commercial loan growth, a continuation of solid mortgage banking results, and an increase in Wealth Management assets.” He added that asset quality and capital levels are at very satisfactory levels and noted that the Corporation had raised the dividend during the first quarter.
In his closing remarks, MarcAurele stated, “Washington Trust has successfully managed our way through the economic downturn that has plagued our nation for the past several years. Going forward, we will continue to focus on growing the Company and helping our customers reach their financial goals, while enhancing shareholder value."
During the business portion of the Meeting four members of the Corporation's board of directors, Barry G. Hittner, Esq., Katherine W. Hoxsie, CPA, Kathleen E. McKeough, and John C. Warren, were elected to the board of directors for terms ending in 2016.
In other business, shareholders 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, 2013. Shareholders also approved a non-binding resolution for compensation of the Corporation’s named executive officers and the 2013 Stock Option and Incentive Plan.
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 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 The NASDAQ Global Select® Stock Market under the symbol WASH. Investor information is available on the Corporation’s web site: www.washtrust.com.
