WESTERLY, RI, December 12, 2024 /PRNevsvire/ — Washington Trust (NASDAQ:) Bancorp, Inc. (Nasdaq: VASH) (the “Corporation”), the parent company The Washington Trust Company, Westerly (“The Bank”), announced today the price of its previously announced contractual public offering of 1,911,764 shares of its common stock under the public offering of $34.00 per action. Expected revenues for the Corporation, after deducting underwriting discounts and commissions, but before deducting operating expenses paid by the Corporation, are approximately 61.75 million dollars. In addition, the Corporation has granted the underwriters a 30-day option to purchase up to an additional 286,764 shares of the Corporation’s common stock at the public offering price, less discounts and commissions. The offering is expected to close December 16, 2024provided the customary closing conditions are met.
The Corporation intends to use the net proceeds of this offering for general corporate purposes to support continued organic growth and capital formation, which is expected to include investments in Bank-to-Bank balance sheet optimization strategies that include the sale of lower-yielding loans and available-for-sale debt securities of value, repayment of funds in bulk and purchase debt securities with current market yields.
BofA Securities serves as sole book sales manager.
ADDITIONAL INFORMATION ABOUT THE OFFER
The offer of ordinary shares is made in accordance with the policy registration statement on form S-3 (file no. 333-274430), which was submitted Securities Commission (“SEC“) included September 8, 2023and declared effective by SEC on September 29, 2023. The preliminary prospectus supplement to which this announcement relates has been submitted SECand a supplement to the prospectus will be filed SEC before the closing of the common stock offering. Before investing in any securities, you should read the preliminary prospectus supplement and the accompanying prospectus, including the risk factors set forth therein, the registration statement and the documents incorporated herein by reference, and other documents Corporation submitted to the company SEC for more complete information about the Corporation and the offer. Copies of these documents are available free of charge by visiting EDGAR at SEC’s website at www.sec.gov. When available, copies of the preliminary prospectus supplement, the prospectus supplement and the accompanying prospectus in connection with the offering may also be obtained from BofA SecuritiesNC1-022-02-25, 201, North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_rekuests@bofa.com.
NO OFFER OR ASK
This press release does not constitute an offer to sell, the 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SPECIAL NOTE REGARDING 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 all statements relating to the completion of the offering and the intended use of the net proceeds from the offering. We may also make forward-looking statements in other documents we file SECin our annual reports to shareholders, in press releases and other written materials, and in oral statements by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “likely,” “will,” “should” and other expressions that predict or indicate future events and trends and 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 the factors that could affect our results is included in the Corporation SEC submissions, including item 1A. The “Risk Factors” of its annual report on Form 10-K for the year is complete December 31, 2023. You should not rely on forward-looking statements, as they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. These risks, uncertainties and other factors could cause our actual results, performance or achievements to be materially different from the expected future results, performance or achievements expressed or implied by the forward-looking statements. The Corporation undertakes no obligation to update any forward-looking statement to reflect actual results or changes in our expectations, except as required by law.
O WASHINGTON TRUST BANCORP, INC.
Washington Trust Bancorp, Inc.NASDAK: VASH, is a state holding company The Washington Trust Company (“Washington Trust“, “Bank”), with 7.1 billion dollars in assets per day September 30, 2024. Founded in 1800. Washington Trust is recognized as the oldest community bank in the country, the largest state bank with headquarters in Rhode Island and one of the leading financial services companies in the North East. Washington Trust values its role as a bank in the community and is committed to helping people, businesses and organizations New England improve their financial lives. The bank offers a wide range of commercial banking, mortgage banking, personal banking and asset management services through its offices in Rhode Island, Connecticut and Massachusetts and a complete suite of practical digital tools. Washington Trust is a member FDIC and an equal home lender.
