Washington Trust (WASH) Bancorp, parent company of The Washington Trust Company, of Westerly, announced it has commenced an underwritten public offering of $55M of the corporation’s common stock. 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. BofA Securities is serving as the sole book-running manager for the offering.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WASH:
- Washington Trust appoints Michelle Kile as chief retail banking officer
- Washington Trust upgraded to Neutral at Piper Sandler after Q3 report
- Washington Trust upgraded to Neutral from Underweight at Piper Sandler
- Closing Bell Movers: Medpace down 11% after cutting FY24 revenue guide
- Washington Trust reports Q3 EPS 64c, consensus 56c