FOR IMMEDIATE RELEASE
CONTACT: Brenda D. Farrell, Corporate Communications Manager, 401-348-1363
DATE: May 14, 2004

Washington Trust Provides $2.71 Million in Financing for Randall's Wharf Condominiums and Marina

Westerly, Rhode Island... The Washington Trust Company announces that its Commercial Real Estate Group has provided $2.71 million in construction and permanent financing for Randall's Wharf Company, LLC of Mystic, Conn. The company is developing Randall's Wharf, a residential and commercial condominium complex and marina, located at 17-31 Water Street in Mystic.

"Randall's Wharf is a beautiful property, with amazing views of the Mystic River," said John C. Warren, Chairman and CEO of The Washington Trust Company. "They are doing a fantastic job of converting an historic trolley barn into luxurious homes. We are very pleased to be associated with this project."

Randall's Wharf is comprised of 15 residential condominiums. According to Todd Brady, an owner of Randall's Wharf Company, LLC, $1.75 million of the Washington Trust financing is being used to convert the final four unfinished units from three-story townhouses to one-story flats with up to 3,200 square feet of living space. "The primary market for these condos is empty-nesters, so we saw a lot of value in changing them to single-level homes with elevator access," he said. "They should be ready for occupancy by early summer."

The remaining $962,000 was used to refinance the adjacent 29-slip, marina, its outbuildings and parking lot. "Randall's Wharf condominium owners will have the option to rent a boat slip at market rates," Brady added.

Washington Trust's Commercial Real Estate Group offers construction, intermediate term, and long-term takeout financing for investment property in the New England region. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Julia Anne M. Slom, Washington Trust's Senior Vice President, Commercial Real Estate Group, toll-free at (800) 475-2265; within the greater Westerly, Rhode Island area, (401) 348-1200.

The Washington Trust Company is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including trust and investment management, and has 16 branch offices located throughout Rhode Island and southeastern Connecticut. Founded in 1800, the Bank is a subsidiary of Washington Trust Bancorp, Inc., whose common stock trades on The NASDAQ Stock Market® under the symbol WASH. Web site address: www.washtrust.com.