Washington Trust Announces Intent to Open New Branch in Cumberland, RI

Rhea-AI Summary

The Washington Trust Company plans to open a new branch at 1900 Mendon Road, Cumberland, RI, following preliminary approval from the town planning board. The approximately 2,300 square feet branch will feature lobby banking, a drive-up lane, ATM services, and safe deposit boxes. Chairman & CEO Ned Handy expressed excitement over the expansion into Northern Rhode Island, enhancing service for both new and existing customers. This new location will increase Washington Trust's total branches to 24 in Rhode Island and one in Mystic, Connecticut.

Positive

• Expansion into Cumberland, RI indicates growth potential.
• New services such as after-hours deposit drop and safe deposit boxes enhance customer convenience.
• Washington Trust continues to open branches while many banks are closing, showcasing resilience.

Negative

• None.

WESTERLY, R.I., Oct. 13, 2021 /PRNewswire/ -- The Washington Trust Company announced its intent to open a new, standalone branch at 1900 Mendon Road in Cumberland, RI after the town planning board recently granted preliminary approval of the plan.

The branch will measure approximately 2,300 square feet. In addition to lobby banking services, the branch will have one drive-up lane for banking and ATM services, an afterhours deposit drop for businesses, safe deposit boxes, and a walk-up ATM.

"We are thrilled to announce our intention to open a branch in Cumberland in 2022," said Edward "Ned" O. Handy III, Washington Trust Chairman & CEO. "While some banks are closing branches regionally and nationally, Washington Trust looks forward to continued expansion in Northern RI and bringing our award-winning personalized service, financial solutions, trusted advice, and digital banking services to new and existing customers."

Upon the opening of the Cumberland location, Washington Trust will have a total of 24 branches throughout Rhode Island, as well as one in Mystic, Connecticut.

ABOUT WASHINGTON TRUST ^®

Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.

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SOURCE The Washington Trust Company

FAQ

What is the significance of Washington Trust's new branch in Cumberland, RI?

The new branch represents Washington Trust's commitment to expansion and customer service enhancement in Northern Rhode Island.

When is the Washington Trust Cumberland branch expected to open?

The Cumberland branch is expected to open in 2022.

How many branches will Washington Trust have after opening in Cumberland, RI?

After the opening, Washington Trust will have a total of 24 branches in Rhode Island.

What services will the new Cumberland branch offer?

The Cumberland branch will offer lobby banking services, a drive-up lane, ATM services, safe deposit boxes, and an after-hours deposit drop.

What is the stock symbol for Washington Trust?

Washington Trust's stock symbol is WASH.