Washington Trust Bancorp (WASH) Announces $55M Share Offering

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.

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