WESTERLY, R.I.--(BUSINESS WIRE)--Washington 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 executive officers.
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.
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 NASDAQ OMX® under the symbol WASH. Investor information is available on the Corporation’s web site: www.washtrustbancorp.com.