Washington Trust provides financing for Rhode Island Hispanic Chamber of Commerce's new headquarters

Rhea-AI Summary

Washington Trust has provided $800,000 in financing to the Rhode Island Hispanic Chamber of Commerce for the purchase of their new headquarters at 359 Broad Street in Providence, R.I. The property, known as the James Potter House, is a historic Queen Anne Mansion built in 1889 and is located in the Trinity Square National Historic District. The financing represents Washington Trust's commitment to supporting Hispanic and minority-owned businesses, while enabling the Chamber to establish a permanent presence to better serve its community.

Positive

• Secured $800,000 in new commercial lending business
• Strengthened position in Hispanic and minority business banking segment
• Enhanced community banking presence in Providence market

Negative

• None.

Insights

Financial Analyst

Washington Trust's $800,000 financing deal for the Rhode Island Hispanic Chamber of Commerce's headquarters represents a strategic move in community banking. While the loan amount is relatively modest compared to WASH's total loan portfolio, it demonstrates the bank's commitment to community development and minority business support, which could enhance its Community Reinvestment Act (CRA) rating. The investment in a historic property also adds real estate security to the loan. This type of community-focused lending typically carries lower risk while building valuable local relationships that can lead to additional business opportunities and deposits from Chamber members.

Market Research Analyst

This financing initiative positions Washington Trust strategically in Rhode Island's growing Hispanic business community, which represents a significant growth opportunity. The Hispanic population is one of the fastest-growing demographic segments in Rhode Island and securing a relationship with their Chamber of Commerce could open doors to new commercial lending and retail banking opportunities. The location in Providence's historic district also adds prestige to the partnership. This move aligns with broader industry trends of regional banks strengthening ties with minority business communities to expand their customer base.

PROVIDENCE, R.I., Dec. 17, 2024 /PRNewswire/ -- Washington Trust recently provided $800,000 in financing to the Rhode Island Hispanic Chamber of Commerce for the purchase of property located at 359 Broad Street in Providence, R.I., to be used as the Chamber's new headquarters.

The property, known as the James Potter House, an elaborate Queen Anne Mansion built c. 1889 and designed by Stone, Carpenter and Willson, is located in the Trinity Square National Historic District in the Elmwood section of Providence.

"This new headquarters is a testament to the continued growth and success of the Hispanic Chamber of Commerce in the state of RI and serves as a symbol of our unwavering commitment to serve the community and expand our reach," said Oscar Mejias, the Chamber's Chief Executive Officer. "We extend our heartfelt gratitude to those whose unwavering support and belief in our mission made this accomplishment possible."

"Washington Trust is proud to support the Rhode Island Hispanic Chamber of Commerce and its mission to be a resource center for Hispanic and minority-owned businesses," said Edward O. "Ned" Handy, Washington Trust Chairman and CEO. "We look forward to continuing to build strong relationships with the Chamber and its members, as we work together to promote and empower the growing Hispanic business community."

For more information about Washington Trust's full suite of commercial banking services, contact Jason Costa, Vice President, Business Banking at 401-654-4852 or jacosta@washtrust.com.

ABOUT RHODE ISLAND HISPANIC CHAMBER OF COMMERCE

The Rhode Island Hispanic Chamber of Commerce is an organization created to represent, promote and empower our growing Hispanic business community. Incorporated, under Chapter 7-6, of the General Laws of Rhode Island, on May 19, 2016, this organization strives to support the needs of local businesses and build strong relationships between corporate America and the Hispanic-owned businesses in Rhode Island.

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 washtrust.com.)

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SOURCE The Washington Trust Company

FAQ

What is the value of Washington Trust's (WASH) financing for RI Hispanic Chamber of Commerce?

Washington Trust provided $800,000 in financing to the Rhode Island Hispanic Chamber of Commerce for their new headquarters purchase.

Where is the new Rhode Island Hispanic Chamber of Commerce headquarters financed by WASH located?

The new headquarters is located at 359 Broad Street in Providence, R.I., in the Trinity Square National Historic District.

What is the historical significance of the property financed by Washington Trust (WASH)?

The property is the James Potter House, a Queen Anne Mansion built circa 1889, designed by Stone, Carpenter and Willson, located in a historic district.

How does the WASH financing align with their business strategy?

The financing aligns with Washington Trust's strategy to support Hispanic and minority-owned businesses and strengthen relationships within the growing Hispanic business community.