Non-public basis now not largest holder of Washington Trust inventory | Enterprise

WESTERLY — The newest proxy assertion issued by Washington Trust Bancorp Inc. exhibits that the composition of its possession modified considerably in 2019.

The proxy, dated March 17, additionally notes that the corporate, the company father or mother of The Washington Trust Company, intends so as to add a fourth girl to its board of administrators. The nominee, Sandra Glaser Parrillo, 63, is scheduled to be elected at Washington Trust’s annual assembly on April 28.

In prior years the main shareholders had been the Jean and David W. Wallace Foundation and Jean M. Wallace of Greenwich, Conn., who held greater than 2 million shares in 2018, or about 12.3% of the widespread inventory, in response to the company’s submitting with the Securities and Exchange Commission.    

David W. Wallace, who died in December 2017 at age 93, was a businessman and company lawyer for various massive U.S. firms. He and his spouse had been benefactors of the Yale School of Medicine, giving the varsity $33 million, with half of the donation endowing six professorships. David Wallace additionally contributed $9 million for the renovation of Branford Hall, his undergraduate residence at Yale.

The 2019 proxy exhibits that the non-public basis has been succeeded as Washington Trust’s prime helpful proprietor by The Bank of New York Mellon Corporation / BNY Mellon National Association, with 2,079,210 shares, or 11.95% of the widespread inventory, in response to a submitting dated Jan. 13 of this yr.

The different helpful house owners — with holdings of 5% or extra — had been unchanged, with BlackRock Inc. of New York, the world’s largest asset supervisor, holding 6.7% of the shares, and Principal Global Investors LLC of Des Moines, Iowa, holding 5.6% of the shares, in response to their filings in February.

Directors and the company’s prime executives, a gaggle of 23, collectively maintain 396,768 shares, in response to the proxy assertion, or 2.28% of the widespread inventory. Among that group, board member Katherine W. Hoxsie is listed as the most important shareholder, with 132,013 shares as of March 2. 

Parrillo, chosen to turn out to be a brand new director, has been president and CEO of The Providence Mutual Fire Insurance Company since 2000. She joined the corporate as an underwriter in 1977.

Two administrators will step down as a result of they’ve reached age 72 and thus are usually not eligible for reelection. They are H. Douglas Randall, CEO of Randall, Realtors, who has served as a director since 2000, and John F. Treanor, former president and chief working officer of the company, who has been a board member since 2001.

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