Washington Trust Announces Stock Offering

(MENAFN- PR Newswire)

WESTERLY, R.I., Dec. 12, 2024 /PRNewswire/ -- Washington Trust
Bancorp, Inc. (Nasdaq: WASH ) (the "Corporation"), parent company of The Washington Trust Company, of Westerly (the "Bank"), today announced it has commenced an underwritten public offering of $55,000,000 of the Corporation's common stock. The Corporation also expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the offering. BofA Securities is serving as the sole book-running manager for the offering.

The Corporation intends to use the net proceeds of this offering for general corporate purposes to support continued organic growth and capital generation, which are expected to include investments in the Bank and Bank balance sheet optimization strategies involving the sale of lower-yielding loans and available for sale debt securities, the repayment of wholesale funding balances and the purchase of debt securities with current market yields.

ADDITIONAL INFORMATION REGARDING THE OFFERING

The common stock offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-274430), which was filed with the Securities and Exchange Commission (the "SEC") on September 8, 2023, and declared effective by the SEC on September 29, 2023. A preliminary prospectus supplement to which this communication relates has been filed with the SEC, and a prospectus supplement will be filed with the SEC prior to the closing of the common stock offering. Before you invest in any securities, you should read the preliminary prospectus supplement and accompanying prospectus, including the risk factors set forth therein, the registration statement and the documents incorporated by reference therein, and the other documents that the Corporation has filed with the SEC for more complete information about the Corporation and the offering. Copies of these documents are available at no charge by visiting EDGAR on the SEC's website at
When available, copies of the preliminary prospectus supplement, the prospectus supplement and accompanying prospectus related to the offering may also be obtained from BofA Securities, NC1-022-02-25, 201, North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at [email protected] .

NO OFFER OR SOLICITATION

This press release does not constitute an offer to sell, a solicitation of an offer to sell, or the solicitation of an offer to buy any securities. There will be no sale of securities in any jurisdiction in which such an offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

SPECIAL NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains statements that are "forward-looking statements." Forward looking-statements include all statements that are not historical facts and include any statements regarding the proposed offering and the intended use of net proceeds from the offering. We may also make forward-looking statements in other documents we file with the SEC, in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. A detailed discussion of factors that could affect our results is included in the Corporation's SEC filings, including Item 1A. "Risk Factors" of its Annual Report on Form 10-K for the year ended December 31, 2023. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from the anticipated future results, performance, or achievements expressed or implied by the forward-looking statements. The Corporation undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law.

ABOUT WASHINGTON TRUST BANCORP, INC.

Washington Trust Bancorp, Inc.,
NASDAQ: WASH , is the publicly-owned holding company of The Washington Trust Company ("Washington Trust", "the Bank"), with $7.1 billion in assets as of September 30, 2024. Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust values its role as a community bank and is committed to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender.

SOURCE Washington Trust Bancorp, Inc.

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