SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 22, 1997
WASHINGTON TRUST BANCORP, INC.
(Exact name of registrant as specified in its charter)
RHODE ISLAND 0-13091 05-0404671
State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
23 Broad Street, Westerly, Rhode Island 02891
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (401) 348-1200
N/A
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(Former name, former address and former fiscal year,
if changed since last report)
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WASHINGTON TRUST BANCORP, INC.
FORM 8-K
Item 5. Other Events
On December 22, 1997, the Registrant announced that its Board of Directors
approved a program to repurchase up to 150,000 shares of its common stock, or
approximately 2.3% of its outstanding shares, in the open market or in private
transactions, based upon market conditions.
For further information, reference is made to the Registrant's press release
dated December 22, 1997 attached hereto as Exhibit 99, and which is incorporated
herein by reference.
Item 7. Financial Statements and Other Exhibits
Exhibit No. Description Page
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Exhibit 99 Washington Trust Bancorp, Inc. 3
Press Release Dated December 22, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WASHINGTON TRUST BANCORP, INC.
(Registrant)
January 2, 1998 By: David V. Devault
----------------------
David V. Devault
Vice President, Treasurer and
Chief Financial Officer
(principal financial officer)
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News Release Contact: John C. Warren, President
and Chief Executive Officer
Telephone: (401) 348-1200
Date: December 22, 1997
FOR IMMEDIATE RELEASE
Washington Trust Announces Stock Repurchase Plan
Westerly, Rhode Island --Washington Trust Bancorp, Inc. (Nasdaq National Market:
WASH), parent of The Washington Trust Company, today announced that its Board of
Directors has authorized the repurchase of up to 150,000 shares of the company's
stock, or approximately 2.3% of its outstanding shares.
John C. Warren, President and Chief Executive Officer of Washington Trust,
stated, "This program exemplifies our commitment to enhancing shareholder value.
We have a strong capital position which allows us to consider repurchases based
on market conditions and future earnings."
The Board resolution provides for the repurchase of common stock on the open
market or in privately negotiated transactions from time to time at market
prices. The current plan replaces a June 1996 authorization to repurchase
130,500 shares, as adjusted for a November stock split, of which approximately
91,000 shares have been repurchased to date. There is no guarantee as to the
exact number of shares to be repurchased. The company's present plan is to hold
the repurchased shares as treasury stock to be used for general corporate
purposes.
The Washington Trust Company, founded in 1800, offers a full range of financial
services, including trust and investment management, through its eleven branch
offices in southern Rhode Island and southeastern Connecticut. The Company
recently announced plans to open a financial services office in New London,
Connecticut in early 1998.
(Logo here)
Washington Trust Bancorp, Inc.
23 Broad Street Westerly, Rhode Island 02891
Telephone 401-348-1200 Fax 401-348-1386
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