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Washington Trust Partners with Vantiv for Merchant Processing Services

Bank Expands Relationship with One of Nation’s Top Payment Processors

Westerly, Rhode Island... Washington Trust Bancorp, Inc. (NASDAQ Global Select®: WASH), announced today that its wholly-owned subsidiary, The Washington Trust Company, has expanded its long-term relationship with Vantiv, Inc. (NYSE: VNTV), to now include Merchant Services.

“Vantiv is one of the premier payment processing companies in the nation and we believe our merchant services customers will benefit from this relationship,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. “Vantiv is committed to providing our merchant customers with a high level of customer service and innovative payment solutions.”

“We are pleased to expand our relationship with Washington Trust, now adding merchant services to the existing suite of issuer services we provide them,” said Stephanie Ferris, Vantiv Senior Vice President and General Manager of Financial Institution Services. “As Washington Trust’s payments partner, we look forward to providing their merchants a full suite of the latest payments products and high levels of customer care.”

Under the agreement, Vantiv has purchased Washington Trust’s Merchant Services Portfolio. Washington Trust realized a gain of approximately $6.3 million (after-tax $4.0 million, or $.24 per share) upon the March 1, 2014 closing of the transaction. In addition, Washington Trust expects to record divestiture related costs of approximately $359 thousand ($230 thousand after-tax, or $.01 per share) in the first quarter of 2014. Washington Trust will also have the opportunity to earn additional referral revenues during the ten-year period following the transaction.

Washington Trust Bancorp, Inc, is the parent of The Washington Trust Company, a state-chartered bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. Washington Trust offers a full range of financial services, including commercial banking, small business 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 The NASDAQ Global Select® Stock Market under the symbol WASH. Investor information is available on the Corporation’s web site: www.washtrust.com.

Vantiv, Inc. (NYSE: VNTV) is a leading, integrated payment processor differentiated by a single, proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high growth payment segments, such as ecommerce, payment facilitation (PayFacTM), mobile, prepaid and information solutions, and attractive industry verticals such as business-to-business, ecommerce, healthcare, gaming, government and education. For more information, visit www.vantiv.com.

Forward-Looking Statements
This press release contains statements that are “forward-looking statements”. We may also make written or oral 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 the control of Washington Trust. These risks, uncertainties and other factors may cause the actual results, performance or achievements of Washington Trust 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: continued weakness in general national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets, volatility and disruption in national and international financial markets, additional government intervention in the U.S. financial system, reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits, reductions in the market value of wealth management assets under administration, changes in the value of securities and other assets, reductions in loan demand, changes in loan collectability, default and charge-off rates, changes in the size and nature of Washington Trust's competition, changes in legislation or regulation and accounting principles, policies and guidelines, 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, as filed with the Securities and Exchange Commission and as updated by our Quarterly Reports on Form 10-Q, 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 press release, and Washington Trust assumes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

MEDIA CONTACT: Elizabeth B. Eckel, Senior Vice President, Marketing
TELEPHONE: 401-348-1309
EMAIL: ebeckel@washtrust.com
DATE: March 3, 2014
FOR IMMEDIATE RELEASE

 

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