Washington Trust Newsroom
WESTERLY, R.I., January 16, 2018 (GLOBE NEWSWIRE)… Washington Trust Bancorp, Inc., (NASDAQ: WASH), parent of The Washington Trust Company, today announced that as a result of the anticipated reduction in corporate taxes from the Tax Cuts and Jobs Act, the Corporation will invest in its employees with special compensation enhancements implemented in January 2018.
“Recent legislation has provided us with an opportunity to further recognize our employees and the important role they play in delivering excellent results for our customers and shareholders,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.
The Corporation outlined the investment plan as follows:
• We will award a one-time cash bonus of $1,000 to full-time employees and a $500 cash bonus to part-time employees. This award will benefit employees below a certain compensation threshold, covering more than 70 percent of our approximately 600 employees.
• Additionally, we will implement a $1.00 per hour salary increase for employees below a certain compensation level, benefiting almost 40 percent of our workforce.
The special compensation is in addition to any merit increases or incentive bonuses for which they may be otherwise eligible.
“We are pleased to reward our employees for their hard work and dedication in helping Washington Trust achieve continued growth and success,” stated Edward O. “Ned” Handy, III, Washington Trust President and Chief Operating Officer.
Investments Are In Response to Recent Tax Reform Legislation
ABOUT WASHINGTON TRUST BANCORP, INC.
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company, with $4.5 billion in assets, as of September 30, 2017. 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 www.washtrustbancorp.com.
Washington Trust will host a conference call to discuss its fourth quarter and year-end 2017 results, business highlights and outlook on Wednesday, January 31, 2018, at 8:30 a.m. (Eastern Time). Dial-in and replay information for the call will be released at a later date.
This press release contains “forward-looking statements” and actual results could differ materially due to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Washington Trust. You should not rely on forward-looking statements and should carefully review all factors and be aware that there may be other factors that could cause 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. Our complete Safe Harbor statement appears in documents Washington Trust files with the SEC. Visit our Investor Relations website at washtrustbancorp.com to review those materials and the entire Safe Harbor statement.
Westerly, RI – The Board of Directors of Washington Trust Bancorp, Inc., (NASDAQ: WASH), today announced Joseph J. MarcAurele will retire as Chairman and Chief Executive Officer effective March 2, 2018. MarcAurele will continue to serve as a member of Washington Trust’s Board of Directors. The Board also announced that David V. Devault, Vice Chair, Secretary and Chief Financial Officer, will retire effective January 31, 2018. The Board’s long-range leadership succession plan also includes the following executive appointments:
Today’s announcement reflects the culmination of a multi-year succession planning process.
“Washington Trust is a one-of-a-kind institution and I am truly honored to have led our 217+ year old company during a period of tremendous growth and profitability,” stated MarcAurele. “During my tenure I have been fortunate to work alongside a supportive Board of Directors, a talented management team and a dedicated group of employees. I would like to thank David Devault for his numerous contributions and unwavering commitment during his 30+ years of service with our company. I have worked closely with Ned for many years and am confident that he, Mark and Ron will uphold our company’s core values and lead Washington Trust to continued success in the years to come.”
“It has been an honor to have served Washington Trust for almost 31 years. Throughout my career, I have been fortunate to work with an outstanding group of banking professionals, and I am extremely proud of what we have accomplished together,” said Devault. “The company has always maintained a strong commitment to serve our customers, communities, shareholders and employees. I am confident that the new leadership team will position Washington Trust for continued success as a high-performing bank.”
“Washington Trust’s Board is extremely grateful for the contributions Joe and David have made to our company and the community,” stated Victor J. Orsinger, II, Lead Director of Washington Trust’s Board of Directors. “Joe’s strategic vision enabled Washington Trust to successfully expand our market presence and earn recognition as one of the nation’s most high-performing banks. David has been an integral part of Washington Trust’s success during his career, providing astute financial insight and guidance with the utmost integrity. We look forward to Joe’s continued contributions to our Board and wish both men well as they plan their retirements next year.”
ABOUT WASHINGTON TRUSTBANCORP, INC.
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company, with $4.4 billion in assets as of June 30, 2017. 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 www.washtrustbancorp.com.
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 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. 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.
Washington Trust is pleased to announce the expansion of its Wealth Management team in Rhode Island and Massachusetts, with Kimberly McCarthy, Esq., Howard Cowan, CFP®, Daniel LeBeau, Eileen Straughn, and Suzanne Vargas, CTFA, joining the Rhode Island offices of Washington Trust Wealth Management and Nicholas Rossi, APMA®, CRPC®, joining the Wellesley, MA office of Washington Trust Wealth Management through Weston Financial Group.
Westerly, Rhode Island–The Washington Trust Company (NASDAQ: WASH), recently announced the following promotions within the Bank’s Senior Management Team:
Amy U. Arruda was promoted to Senior Vice President, Retail Banking. She is responsible for creating and executing strategies which contribute to the achievement of Washington Trust’s Retail Banking Division. Amy joined Washington Trust in 1997 as a Financial Service Representative and was promoted to Branch Manager that same year. In 1999, she was promoted to Assistant Vice President and Manager of In-store Banking, and in 2003 became Vice President and Southern Regional Manager, a position she held until she was named Vice President, Retail Sales in 2012. Amy holds a bachelor’s degree in general studies from the University of Connecticut and a master’s degree in professional studies from Penn State University. She currently serves on the SHS CTE Advisory Board and is SHRM, CP certified. Amy is a past recipient of the Spirit of Washington Trust award, which recognizes outstanding employees who, by example or through contributions, have clearly distinguished themselves as role models for others.
Kristin L. Battisti was promoted to Senior Vice President, Compliance. She is responsible for managing the Bank’s BSA and AML compliance programs and plays a key role in addressing compliance changes as they arise. Kristin began her career with Washington Trust as Assistant Vice President, Compliance, in 2010 and was promoted to Vice President, Compliance, in 2011. She graduated magna cum laude from the University of Connecticut with a bachelor’s degree in history. Kristin holds an American Bankers Association Certified Regulatory Compliance Manager designation and is involved in the Rhode Island Bankers Association, Eastern Massachusetts Compliance Network, and ABA Mortgage Markets and Compliance Committees. Additionally, she is a graduate of Leadership Rhode Island and serves as President of the board for Westerly Area Rest Meals, Inc., and as Secretary of the Westerly Pawcatuck YMCA Board of Managers. Kristin is a past recipient of the Spirit of Washington Trust award, which recognizes outstanding employees who, by example or through contributions, have clearly distinguished themselves as role models for others.
Mark A. Smithey was promoted to Senior Vice President and Chief Information Security Officer (CISO). He is responsible for the Bank’s information security program, which includes IT risk management, vendor management, and business continuity. Mark joined Washington Trust in 1997 and has more than 30 years of experience in technology and information assurance. During his time with Washington Trust, he has served as Network Engineer and Director of Technology Services. Mark is a graduate of the New England Institute of Technology where he received a bachelor’s degree in computer science. He is a Certified Information Systems Security Professional (CISSP) and a Certified Information Systems Auditor (CISA), and serves as a member of the Information Systems Audit and Control Association and the International Information System Security Certification Consortium.
Patricia M. Hartford was promoted to Senior Vice President and Manager of Cash Management Services. She is responsible for managing the Bank’s Cash Management business line. Patti joined Washington Trust in 1982 and held various positions of increasing responsibility within the Operations division until she joined the Retail Banking division as a Business Relationship Officer in 1998. In that position she developed Washington Trust’s Bank-At-Work program and was promoted to Assistant Vice President, Business Services, in 2002, and to Vice President, Cash Management, in 2007. She graduated summa cum laude from Providence College with a bachelor’s degree in finance. Patti served as an elected official on the Westerly School Committee and the Economic Development Commission and is a former board member of the Ocean Community Chamber of Commerce and past nominee for the Athena Award. Additionally, she served as a board member for RI March of Dimes and chaired the Westerly walkathon for fifteen consecutive years; volunteered as a loaned executive with the United Way; and chaired the local USMC Toys for Tots annual toy drive. Patti was the first recipient of the Washington Trust Community Service Award.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is the oldest community bank in the nation 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 Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.
January 7, 2019
Westerly, Rhode Island–The Washington Trust Company today announced a new private client initiative designed to provide personalized financial solutions for business owners, executives, and high net worth individuals, their families and their organizations. Washington Trust’s Private Clients Group will be led by Senior Vice President, Joseph Confessore, who will continue to serve as a Team Leader in the Bank’s Commercial and Institutional Banking Group. Robert A. Mancini, former President of the Rhode Island Society of Certified Public Accountants, has joined Washington Trust’s Private Clients Group as a Vice President and Senior Private Client Advisor. Washington Trust offers a wide range of financial services, including commercial, mortgage and personal banking, as well as wealth management, trust, and estate planning services. The Private Clients Group will serve as a single source of these services, providing tailored solutions with a holistic client experience.
“Washington Trust has been helping generations of businesses and families manage their wealth and achieve their life goals for more than 200 years,” said Mark K.W. Gim, Washington Trust President and Chief Operating Officer. “The Private Clients Group allows us to provide a comprehensive suite of services with specialized focus on individual client needs. Joe and Bob are experienced, trusted advisors who are well-respected in the Rhode Island professional community.”
Confessore joined Washington Trust in 2003 and has been instrumental in the Bank’s middle market commercial and institutional lending throughout Southern New England. Prior to joining Washington Trust, he spent several years serving in regional and national financial institutions in roles supporting business owners and their companies from asset based lending and private banking platforms. Confessore has a bachelor's degree from the University of Rhode Island and an M.B.A. from Providence College. He is past President of the University of Rhode Island Alumni Association and continues to serve on the College of Business Advisory Council and as a Trustee of the URI Foundation. A Rhode Island resident, Confessore is an alumnus of Leadership Rhode Island and a board member of the RI Industrial Facilities Corporation.
Mancini joins Washington Trust from the Rhode Island Society of CPA’s (RISCPA), where he oversaw the operations of the more than 2,400-member society as President since 2006. As President, he was responsible for growing the Society’s membership by nearly 40% and was recognized for advancing business development and partnerships bolstering RISCPA’s mission to support a strong business environment in the State. Prior to his tenure with RISCPA, Mancini served in various wealth management, commercial lending, private and retail banking roles across New England for more than two decades. He graduated from Providence College with a bachelor's degree in business administration and holds a certificate from The New England School of Banking at Williams College. Mancini is strongly committed to the community, currently serving as; and as a member of CCRI’s business advisory board; the United Way board; the Northern RI Chamber of Commerce board; the St. Elizabeth Community finance committee; the Public Finance Management board; the RI Foundation Professional Advisory Council; RI’s Health Services Council; AICPA’s UAA Committee and the RI Commodores.
Westerly, RI – The Washington Trust Company recently recognized three employees for standout performances both on the job and in the community. The Bank awarded each of the three employees with $1,000 to donate to the non-profit(s) of their choice.
Kristin Battisti, Vice President, Compliance Officer, and Brian Pereira, AVP, Technology Services, each earned The Spirit of Washington Trust Award. This award recognizes employees who, by example or through contributions, clearly distinguish themselves as role models for others. Battisti donated $1,000 to benefit the Ocean Community YMCA- Reach Out to Youth Campaign. Pereira donated $1,000 to the Rhode Island Community Food Bank.
Linda Aldrich, Post Closing/Quality Control Specialist, received the Community Service Award. This award is given to an employee who has made significant contributions to the local community through their personal donations of time, talent, and/or fundraising. The Award recognizes that, through their community involvement, the employee has represented the Bank’s core value of “community” and has therefore served as a role model for their fellow employees. Aldrich donated $500 to the Gloria Gemma Breast Cancer Resource Foundation and $500 to the Rhode Island Chapter of the Alzheimer’s Association.
ABOUT WASHINGTON TRUST® Founded in 1800, Washington Trust is the oldest community bank in the nation 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 Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Additional information on Washington Trust and its subsidiaries can be found at www.washtrust.com.
Westerly, RI – Washington Trust Bancorp, Inc. (NASDAQ: WASH) (the “Corporation”), the publicly-owned holding company of The Washington Trust Company (the “Bank”), today announced the following promotions:
“Washington Trust’s senior leadership team plays a key role in our Corporation’s success,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. “I’m confident that Kathi, Kristen, Bill and Tom will embrace the opportunities presented by their expanded roles and lead their respective divisions to contribute to Washington Trust’s future growth and success.”
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