Citing new tax law, Washington Trust gives bonuses, pay increases

JOSEPH J. MARCAURELE, chairman and CEO of Washington Trust Bancorp Inc., parent of The Washington Trust Co., says the Tax Cuts and Jobs Act has allowed the bank to award each of its full-time employees with a one-time cash bonus of $1,000; part-time employees each received a $500 cash bonus; and about 40 percent of employees received a $1 per hour increase in pay. / COURTESY WASHINGTON TRUST BANCORP INC.
JOSEPH J. MARCAURELE, chairman and CEO of Washington Trust Bancorp Inc., parent of The Washington Trust Co., says the Tax Cuts and Jobs Act has allowed the bank to award each of its full-time employees with a one-time cash bonus of $1,000; part-time employees each received a $500 cash bonus; and about 40 percent of employees received a $1 per hour increase in pay. / COURTESY WASHINGTON TRUST BANCORP INC.

WESTERLY – Washington Trust Bancorp Inc. is the latest Rhode Island financial institution to share some of the new tax-law benefits.

The company last week announced it has awarded each of its full-time employees with a one-time cash bonus of $1,000. Part-time employees have each received a $500 cash bonus.

The award benefits employees earning below an undisclosed threshold, which the bank says represents about 70 percent of the company’s 600 employees.

Additionally, about 40 percent of employees are also receiving a $1 per hour increase in pay.

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“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,” said Joseph J. MarcAurele, chairman and CEO of the Westerly-based parent of The Washington Trust Co.

The company, with $4.5 billion in assets, is the second largest Rhode Island-based bank.

How the new tax law, known formally as the Tax Cuts and Jobs Act, will otherwise impact the company will become clearer next week when the company reports its year-end and fourth-quarter earnings on Jan. 30.

“We are pleased to reward our employees for their hard work and dedication in helping Washington Trust achieve continued growth and success,” said Edward O. “Ned” Handy III, president and chief operating officer.

Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.

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