WESTERLY, R.I. - Washington Trust (NASDAQ:WASH), the nation's oldest community bank, has named Michelle Kile as Executive Vice President and Chief Retail Banking Officer. Kile will oversee the retail sales and customer service operations across the bank's 28 retail branches, Customer Solutions Center, and digital banking platforms.
With two decades of experience in the retail banking sector, Kile joins Washington Trust after a tenure at Digital Federal Credit Union in Franklin, MA, where she led retail branch services, business development, and customer experience initiatives. A Rhode Island College alumna, Kile has been an active speaker and panelist in the banking industry and has contributed to community development through her involvement with the Women's Initiative Advisory Committee for The United Way of Central, MA.
Edward O. "Ned" Handy III, Chairman and CEO of Washington Trust, expressed enthusiasm for Kile's appointment, highlighting her extensive background and the anticipated focus on branch transformation, personalized service, and digital enhancements aimed at supporting customer financial objectives.
Established in 1800, Washington Trust operates as the largest state-chartered bank headquartered in Rhode Island and a prominent financial services entity in the Northeast. The bank has maintained a commitment to community banking, offering commercial banking, mortgage banking, personal banking, and wealth management services in Rhode Island, Connecticut, and Massachusetts. It also provides a comprehensive array of digital banking tools to its customers.
Washington Trust is a subsidiary of Washington Trust Bancorp, Inc., which is publicly traded on NASDAQ: WASH. This announcement is based on a press release statement from The Washington Trust Company.
In other recent news, Washington Trust Bancorp Inc. reported steady growth in its third-quarter earnings call for 2024, with a net income of $11 million, or $0.64 per share. The company saw a modest rise in net interest income and assets under administration, despite a 2% decrease in total loans. The bank's commercial and mortgage loan pipelines, valued at $90 million and $107 million respectively, indicate potential for future expansion.
Recent developments include a 2% increase in net interest income to $32.3 million, a 3% rise in wealth management revenues to $10 million, and a 4% growth in assets under administration to $7.1 billion. However, non-interest income saw a slight decrease of 2% to $16.3 million.
The management of Washington Trust Bancorp expects stable margins and growth in the coming year, focusing on underwriting and property resolutions. No further branch expansions are planned following the recent opening of a new branch in Providence. The company anticipates a stable margin in the fourth quarter, with potential growth in 2025.
InvestingPro Insights
Washington Trust's recent appointment of Michelle Kile as Executive Vice President and Chief Retail Banking Officer comes at a time when the bank is showing strong financial performance, despite some challenges. According to InvestingPro data, Washington Trust has a market capitalization of $663.99 million and a P/E ratio of 14.72, suggesting a relatively attractive valuation compared to industry peers.
The bank's commitment to shareholder value is evident in its dividend history. An InvestingPro Tip reveals that Washington Trust has raised its dividend for 13 consecutive years, demonstrating a consistent focus on returning value to shareholders. This is particularly noteworthy given the bank's impressive 5.7% dividend yield, which may be attractive to income-focused investors.
However, the bank faces some headwinds. Another InvestingPro Tip indicates that Washington Trust suffers from weak gross profit margins. This could be a focus area for the new retail banking leadership to address, potentially through the branch transformation and digital enhancements mentioned in the article.
Despite these challenges, Washington Trust has shown strong recent performance. The bank has seen a remarkable 57.53% price total return over the past year, and a 49.95% return over the last six months. This positive momentum aligns with the bank's strategic moves, including the appointment of experienced leadership like Michelle Kile.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. There are 8 more InvestingPro Tips available for Washington Trust, providing a deeper understanding of the bank's financial health and future prospects.
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