WESTERLY — The latest proxy statement issued by Washington Trust Bancorp Inc. shows that the composition of its ownership changed significantly in 2019.
The proxy, dated March 17, also notes that the company, the corporate parent of The Washington Trust Company, intends to add a fourth woman to its board of directors. The nominee, Sandra Glaser Parrillo, 63, is scheduled to be elected at Washington Trust’s annual meeting on April 28.
In prior years the leading shareholders were the Jean and David W. Wallace Foundation and Jean M. Wallace of Greenwich, Conn., who held more than 2 million shares in 2018, or about 12.3% of the common stock, according to the corporation’s filing with the Securities and Exchange Commission.
David W. Wallace, who died in December 2017 at age 93, was a businessman and corporate attorney for a number of large U.S. companies. He and his wife were benefactors of the Yale School of Medicine, giving the school $33 million, with half of the donation endowing six professorships. David Wallace also contributed $9 million for the renovation of Branford Hall, his undergraduate residence at Yale.
The 2019 proxy shows that the private foundation has been succeeded as Washington Trust’s top beneficial owner by The Bank of New York Mellon Corporation / BNY Mellon National Association, with 2,079,210 shares, or 11.95% of the common stock, according to a filing dated Jan. 13 of this year.
The other beneficial owners — with holdings of 5% or more — were unchanged, with BlackRock Inc. of New York, the world’s largest asset manager, holding 6.7% of the shares, and Principal Global Investors LLC of Des Moines, Iowa, holding 5.6% of the shares, according to their filings in February.
Directors and the corporation's top executives, a group of 23, collectively hold 396,768 shares, according to the proxy statement, or 2.28% of the common stock. Among that group, board member Katherine W. Hoxsie is listed as the largest shareholder, with 132,013 shares as of March 2.
Parrillo, chosen to become a new director, has been president and CEO of The Providence Mutual Fire Insurance Company since 2000. She joined the company as an underwriter in 1977.
Two directors will step down because they have reached age 72 and thus are 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 operating officer of the corporation, who has been a board member since 2001.