Item 2.02 Results of Operations and Financial Condition.

Washington Trust Bancorp, Inc. today announced that, as a result of a rating agency downgrade to below "investment grade" of one of its perpetual preferred investment securities after its January 28, 2009 announcement of year-end 2008 results and before filing its 2008 Annual Report on Form 10-K, Washington Trust will record an other-than-temporary impairment and take a pre-tax charge to earnings of $595 thousand ($387 thousand, after tax; 2 cents per diluted share) in the fourth quarter of 2008. Because this investment security was carried at fair value at December 31, 2008, the loss on this security, net of tax, was previously reported in unrealized losses on securities available for sale within accumulated other comprehensive loss, a component of total shareholders' equity on the Corporation's balance sheet. This charge will reduce full-year 2008 net income to $22.2 million, or $1.57 per diluted share, from $22.6 million, or $1.59 per diluted share, as previously reported. For the fourth quarter 2008, this charge will decrease its previously reported net income to $4.2 million, or 27 cents per diluted share, from $4.6 million, or 29 cents per diluted share.

The foregoing information is considered to be "filed" under the Securities Exchange Act of 1934.

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