FOR IMMEDIATE RELEASE
CONTACT: Elizabeth Eckel, SVP Marketing, 401-348-1309
DATE: September 16, 2004

Washington Trust Provides Picerne Homes with $2.3 Million in Financing for Hopkinton Subdivision

Westerly, Rhode Island... The Washington Trust Company announced today that its commercial lending area has provided Picerne Homes of Warwick with $2.3 million in construction financing for a new residential subdivision in Hopkinton, R.I.

The loan will be used to finance construction of 36 single-family residences in the Beechwoods Subdivision, located at 161 Alton Bradford Road (Route 91) in Hopkinton. The three- and four-bedroom homes are being constructed on one-acre lots and will be built in four styles, ranging in size from 1,620 to 2,268 square feet.

"We are very pleased to work with Picerne Homes by providing construction financing for this new development," said John C. Warren, Chairman and CEO of The Washington Trust Company. "For more than 50 years, the Picerne has been well-known in Rhode Island for quality residential housing, and we are glad to count them as one of our newest customers."

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, through its 16 branch offices located in 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.