Washington Trust Announces RI Branch Expansion

Rhea-AI Summary

The Washington Trust Company has applied to open three new branches in Rhode Island locations: Barrington, Providence, and Smithfield, all planned for 2023. This expansion aims to enhance services for retail and business customers, building upon the positive reception of its recent Cumberland branch opening. With 24 existing branches, Washington Trust is the state's third-largest banking network, enhancing its competitive position. The expansion is pending necessary regulatory approvals.

Positive

• Plans to open three new branches in 2023, expanding service in areas with growth potential.
• Recent Cumberland branch received positive customer feedback, indicating strong community support.

Negative

• None.

Bank Files Applications with Intent to Open Three Branches in 2023

WESTERLY, R.I., Oct. 5, 2022 /PRNewswire/ -- The Washington Trust Company has recently submitted applications to establish branch offices in the following three locations: 

• 236 County Road, Barrington, RI 02806
• 1917 Westminster Street, Providence, RI 02909
• 371 Putnam Pike, Smithfield, RI 02828

All of the locations are subject to Federal, State, local, and regulatory approvals.  The Bank anticipates 2023 branch openings.

"We're thrilled to announce our intention to expand our branch footprint and serve the broader Rhode Island community," stated Edward O. "Ned" Handy III, Washington Trust Chairman and CEO. Handy added, "Our retail and business customers value the personal service and attention our local branch teams provide, along with the conveniences our digital banking services offer."

In August Washington Trust opened a branch at 1900 Mendon Road in Cumberland, RI. Handy noted, "Our Cumberland branch has been exceptionally well received by residents and businesses in the Northern Rhode Island community."

Washington Trust currently has 24 Rhode Island branches, the State's third-largest branch network behind Citizens Bank and Bank of America.

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 the new branches for Washington Trust (WASH)?

The new branches aim to enhance customer service and expand market presence in Rhode Island.

Where will the new Washington Trust (WASH) branches be located?

The new branches will be in Barrington, Providence, and Smithfield, Rhode Island.

When does Washington Trust plan to open the new branches?

Washington Trust plans to open the new branches in 2023, pending regulatory approvals.

How many branches does Washington Trust have currently?

Washington Trust currently operates 24 branches in Rhode Island.

What recent feedback has Washington Trust received about its Cumberland branch?

The Cumberland branch has been exceptionally well received by local residents and businesses.