Bank History

Rhode Island, renowned as a state steeped in rich history and famous for its staunchly independent citizenry, is the fitting home of America's oldest community bank, The Washington Trust Company. Founded in the coastal town of Westerly on August 22, 1800, Washington Trust was named in honor of our nation's first President, George Washington, who died in December 1799.

At the time, Westerly was a farming village with a population of approximately 400 people. A few local entrepreneurs decided that the people of southern Rhode Island and southeastern Connecticut needed a bank of their own, as the closest banks were located many miles away in Providence, Rhode Island and New Haven, Connecticut. Several local merchants and community leaders were elected to serve as directors and officers of the new bank, then called The Washington Bank. The original charter clearly indicates the reason Washington Trust was established: "To provide those little assistances, from time to time, which only banks can give".

Since there was no national currency in 1800, the first order of business was to produce a medium of exchange to meet the needs of the local economy. The Bank printed its own banknotes, backed by adequate specie of gold and silver, and bearing what is believed to be the first likeness of George Washington on currency. The Bank's original banknotes and the original engraved copper plates used to print the currency are still on display at the Bank's headquarters at 23 Broad Street in Westerly. One of the banknotes bears the hand-written endorsement of former President of the United States, John Quincy Adams.

Over the centuries, Washington Trust has thrived and grown, prospering along with its customers during the textile and granite booms of the 1800s, the manufacturing boom of the World War II and postwar era, and the high-tech boom that defined the close of the 20th century. In times of turmoil, such as the Great Depression, the Hurricane of 1938 and the credit union crisis that crippled Rhode Island's economy in the early 1990s, Washington Trust has served as a pillar of economic strength and stability.

In the mid 1990s, Washington Trust's directors and officers realized the value of growing the Bank's customer base through geographic expansion. In 1997, new Washington Trust branch offices were established in the growing town of North Kingstown, R.I.  In 1999, Washington Trust acquired Narragansett, R.I. - based Pier Bank, converting the two offices in Wakefield and Bonnet Shores into Washington Trust branches. In 2000, Washington Trust augmented its asset management business through the purchase of Providence-based Phoenix Investment Management. Washington Trust gained a critical retail and business banking foothold in the greater Providence area in 2002 with the acquisition of First Bank and Trust Company - a decision that yielded new branch offices in the cities Cranston and Providence. And in 2003, Washington Trust celebrated the opening of its first branch in Warwick, R.I., a growing commercial and residential community in central Rhode Island.

In March 2005, Washington Trust announced the acquisition of Weston Financial Group, a registered investment advisor located in Wellesley, Massachusetts with assets under management in excess of $1.2 billion. With the Weston acquisition, Washington Trust's Wealth Management grew to more than $3.0 billion in assets under administration.

In 2007, Washington Trust opened its 17th branch on Oaklawn Avenue in Cranston, and opened a new commercial lending office in the financial district of Providence, at 10 Weybosset Street.

In late 2008, the Providence branch was relocated to 156 Westminster Street in the city's financial district.

In November 2009, Washington Trust opened its 18th branch on Warwick Avenue in Warwick's Governor Francis section.

Washington Trust expanded its retail banking network throughout Rhode Island, with new branches opened in East Providence on Taunton Avenue which opened in September 2011 and Cranston on Plainfield Pike which opened in August 2012.

Washington Trust's longevity and success can be attributed to its close identification with the communities it serves and the quality of service it provides its customers. The Bank has earned the loyalty of its customers and a strong shareholder group by responding to the economic and social needs of the area. Now in its third century business, Washington Trust remains dedicated to the fulfillment of its vision, "To Be the Best Community Bank and Trust Company in New England."

For more information on the Bank, or its history, please call The Washington Trust Company at 401-348-1200 or 1-800-475-2265.