Washington Trust Contributes $20,000 to West Elmwood Housing Development Corporation

Rhea-AI Summary

Washington Trust has allocated $20,000 to West Elmwood Housing Development This contribution will support the Match Savings Incentive Program (MSIP) and the Get Your House In Order Program (GYHIOP). MSIP aims to assist low-to-moderate income individuals towards asset ownership through financial workshops covering budgeting, debt management, and home buying. GYHIOP provides culturally specific financial education for African Americans, focusing on financial literacy over a four-week course. This donation is a part of Washington Trust's larger initiative, which has given over $584,000 to various organizations, including $122,000 towards affordable housing programs up to May 31, 2024.

Positive

• Washington Trust contributed $20,000 to support financial education programs.
• The MSIP program aims to help low-to-moderate income individuals with asset ownership.
• Washington Trust has provided over $584,000 in total charitable giving through May 31, 2024.
• The GYHIOP program offers culturally specific financial education for African Americans.
• Washington Trust's grant includes $122,000 directed towards safe and affordable housing.

Negative

• No direct business or financial performance improvements mentioned from the donation.
• Potential for minimal immediate impact on revenue or stock price from this charitable contribution.

WESTERLY, R.I., June 4, 2024 /PRNewswire/ -- Washington Trust ("the Bank") today announced the Washington Trust Charitable Foundation has awarded $20,000 to West Elmwood Housing Development Corporation to support the Match Savings Incentive Program ("MSIP") and the Get Your House In Order Program ("GYHIOP").

The MSIP is designed to assist individuals with low-to-moderate income on their path toward asset ownership through a financial empowerment course. Participants in the program engage in Financial Capability Workshops to review topics such as: budgeting and savings; debt management; credit building; and the home buying process. Washington Trust previously supported MSIP with a $15,000 grant over the 2022-23 period.

The GYHIO program is a nationwide program for culturally specific financial education for African Americans that delivers a four-week financial literacy course to review topics such as: generational and psychological relationships with money; budgeting and savings strategies; investing; credit; identity theft; insurance; and more.

"Washington Trust is committed to helping our community members build a strong financial foundation on their path to homeownership and self-sufficiency," said Rolando Lora, Washington Trust Executive Vice President, Chief Retail Lending Officer, and Director of Community Lending. "We are thrilled to continue to support West Elmwood Housing Development's mission to promote the development of healthy, sustainable communities through housing services in Providence."

"Our mission is to bring opportunities to build a healthy, sustainable West End neighborhood by investing in and embracing resident empowerment to support the enhancement of economic mobility and equity for our community," said Candace Harper, Executive Director of West Elmwood Housing Development Corporation. "These resources from Washington Trust will assist us with providing access to these excellent programs to support our community members as they work towards meeting their financial goals."

The grant is part of more than $584,000 of total giving granted by the Washington Trust Charitable Foundation to 60+ organizations throughout the Bank's footprint (through May 31, 2024), $122,000 of which was directed to support safe and affordable housing and homeownership programs.

ABOUT WASHINGTON TRUST^®
Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust values its role as a community bank and is committed to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender. Washington Trust is a subsidiary of Washington Trust Bancorp, Inc., a publicly-owned holding company which trades on NASDAQ: WASH. For more information, visit the Bank's website at www.washtrust.com or the Corporation's website at ir.washtrust.com.

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SOURCE The Washington Trust Company

FAQ

What did Washington Trust contribute to West Elmwood Housing Development ?

Washington Trust contributed $20,000 to support the Match Savings Incentive Program (MSIP) and the Get Your House In Order Program (GYHIOP).

What is the focus of the MSIP supported by Washington Trust?

The MSIP focuses on assisting low-to-moderate income individuals with asset ownership through financial empowerment courses, including budgeting, debt management, credit building, and home buying.

What are the objectives of the GYHIOP funded by Washington Trust?

The GYHIOP aims to provide culturally specific financial education for African Americans, covering topics like generational financial relationships, budgeting, investing, and identity theft.

How much has Washington Trust given in total charitable contributions by May 31, 2024?

Washington Trust has given over $584,000 in total charitable contributions by May 31, 2024.

What portion of Washington Trust's charitable contributions was directed towards housing support?

Washington Trust directed $122,000 of its total charitable contributions towards safe and affordable housing and homeownership programs.