WESTERLY – Washington Trust Bancorp Inc. (Nasdaq Global Select: WASH) is planning to raise $50 million in capital through a private sale of stock “to support future growth.”
The bank holding company – the parent of The Washington Trust Co. – will issue 2.5 million new shares of common stock for the private placement, it said in an after-hours announcement. It will offer them at $20 per share, a 23.8-percent discount from last night’s close. Washington Trust shares stood at $26.26 at the close of trading yesterday in New York.
The bank said it intends to use the net proceeds – about $46.8 million – for “general corporate purposes and to support strategic growth initiatives” in its commercial and wealth-management businesses.
A purchase agreement already has been reached with select institutional investors, Washington Trust said. The deal – brokered by investment bank Keefe, Bruyette & Woods Inc. – is expected to close on or about Oct. 7.
Washington Trust Bancorp Inc. (Nasdaq: WASH), based in Westerly, is the parent of The Washington Trust Co., a Rhode Island-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information is available at www.washtrust.com.
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