WESTERLY, R.I., Nov. 12, 2021 /PRNewswire/ -- Washington Trust
Bancorp, Inc. (Nasdaq: WASH) today announced that the Corporation's
Board of Directors adopted a stock repurchase program ("Stock
Repurchase Program"), which authorizes the repurchase of up to
850,000 shares, or approximately 5%, of the Corporation's common
stock. This authority may be exercised from time to time and in
such amounts as market conditions warrant, and subject to
regulatory considerations. The timing and actual number of shares
repurchased will depend on a variety of factors including price,
corporate and regulatory requirements, market conditions, and other
corporate liquidity requirements and priorities. The Stock
Repurchase Program expires on December 31,
2022 and may be modified, suspended, or discontinued at any
time. The Corporation had approximately 17.3 million shares
outstanding as of October 31,
2021.
Background
Washington Trust Bancorp, Inc. is the
parent of The Washington Trust Company. Founded in 1800,
Washington Trust is 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 offers
a full range of financial services, including commercial banking,
mortgage 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 under the symbol
WASH. Investor information is available on the Corporation's
web site at http://ir.washtrust.com.
Forward-Looking Statements
This press release
contains statements that are "forward-looking statements". 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. 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.
Some of the factors that might cause these differences include
the following: the negative impacts and disruptions of the COVID-19
pandemic and measures taken to contain its spread on our employees,
customers, business operations, credit quality, financial position,
liquidity and results of operations; changes in consumer behavior
due to changing political, business and economic conditions,
including concerns about inflation, or legislative or regulatory
initiatives; the possibility that future credits losses are higher
than currently expected due to changes in economic assumptions or
adverse economic developments; volatility in national and
international financial markets; reductions in net interest income
resulting from interest rate changes or volatility as well as
changes in the balance and mix of loans and deposits; reductions in
the market value or outflows of wealth management assets under
administration; decreases in the value of securities and other
assets; reductions in loan demand; changes in loan collectability,
increases in defaults and charge-off rates; changes related to the
discontinuation and replacement of LIBOR; changes in the size and
nature of our competition; changes in legislation or regulation and
accounting principles, policies and guidelines; operational risks
including, but not limited to, cybersecurity incidents, fraud,
natural disasters and future pandemics; reputational risk relating
to our participation in the Paycheck Protection Program and other
pandemic-related legislative and regulatory initiatives and
programs; and changes in the assumptions used in making such
forward-looking statements. In addition, the factors described
under "Risk Factors" in Item 1A of our Annual Report on Form
10-K for the fiscal year ended December 31,
2020, as updated by our Quarterly Reports on Form 10-Q and
other filings submitted to the SEC, may result in these
differences. You should carefully review all of these factors and
you should be aware that there may be other factors that could
cause these differences. These forward-looking statements were
based on information, plans and estimates at the date of this
report, and we assume no obligation to update any forward-looking
statements to reflect changes in underlying assumptions or factors,
new information, future events or other changes.
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SOURCE Washington Trust Bancorp, Inc.