Projo Biz Blog

Washington Trust Bancorp, Inc. (WASH:NASDAQ, yesterday entered into a purchase agreement with institutional investors to raise $50 million in a private placement of its common stock.

Net proceeds are expected to be approximately $46.8 million after deducting offering-related fees and expenses.

Washington Trust will issue a total of 2.5 million shares of common stock at a price of $20 per share in the private placement.

The closing is expected to take place on or about October 7, subject to the satisfaction of customary closing conditions.

Washington Trust intends to use the net proceeds from the capital raised for general corporate purposes and for strategic growth initiatives in its commercial and wealth management business lines. Keefe, Bruyette & Woods, Inc. served as placement agent for the offering.

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