Washington Trust Bancorp Prices Upsized Stock Offering, Expected to Raise $61.75M

By Tamara Parker • Friday, December 13 10:35 • Permanent Link

Washington Trust Bancorp, Inc. (NASDAQ: WASH) has announced the pricing of its upsized stock offering, consisting of 1,911,764 shares of its common stock at a public offering price of $34.00 per share. This is expected to result in approximately $61.75 million in proceeds for the corporation, after deducting underwriting discounts and commissions. Additionally, the corporation has granted the underwriter 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 underwriting discounts and commissions.

The offering is expected to close on December 16, 2024, subject to customary closing conditions. The net proceeds from this offering will be used for general corporate purposes, including investments in the bank and bank balance sheet optimization strategies. These strategies involve 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.

The common stock offering is being made pursuant to a shelf registration statement on Form S-3 (file no. 333-274430), which was declared effective by the Securities and Exchange Commission (SEC) on September 29, 2023.

BofA Securities is serving as the sole book-running manager for the offering.

This press release contains no offer or solicitation for the sale of securities. Today the company's shares have moved -5.0% to a price of $34.48. For more information, read the company's full 8-K submission here.

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