The board of directors of Washington Trust Bancorp Inc., parent company of Westerly-based Washington Trust Company, recently declared a quarterly dividend of 16 cents per share for the quarter ending Sept. 30, representing a 1 cent increase over the dividend paid in the previous two quarters. This marks the second dividend increase this year.
The dividend is payable Oct. 15 to shareholders of record on Oct. 2.
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Washington Trust Chairman and CEO John C. Warren noted, “This increased dividend allows our shareholders to take advantage of the benefits of the new tax laws.” He added, “Historically, dividends were taxed like all other sources of income – such as wages and interest – and were subject to those tax rates. The passage of the 2003 Tax Act means that the maximum federal income tax rate for individuals on qualifying dividends has been reduced to 15 percent, effective through 2008. Lower taxes translate into more money in the pockets of our shareholders.”
Washington Trust will release its third quarter earnings on Oct. 16.
