Washington Trust Bancorp in Westerly, R.I., and Flusing Financial in Uniondale, N.Y., are selling common stock.
The $7.1 billion-asset company said in a press release that it plans to sell 1.9 million shares of stock at $34 each. It expects gross proceeds of $61.8 million. It could sell another 287,000 shares if there is ample demand. The offering should close on Monday.
Washington Trust plans to use net proceeds to support continued organic growth and capital generation, which could include investments in the bank and balance sheet optimization strategies such as the the sale of lower-yielding loans and debt securities. The bank could also look to repay wholesale funding balances and buy higher-yielding debt securities.
BofA Securities is the sole book-running manager.
Separately, Flushing Financial plans to sell about 4.6 million shares of common stock at $15.25 each, with targeting gross proceeds of $70 million. The company could sell another 689,000 shares if there is enough demand. The offering should close on Monday.
The $9.3 billion-asset Flushing plans to use the net proceeds for a variety of purposes, including a potential repositioning of its balance sheet and the sale of commercial real estate loans.
Keefe, Bruyette & Woods, Piper Sandler and Raymond James are the joint book-running managers.