Washington Trust Is Rhode Island's Top Reverse Mortgage Lender

March 26, 2008 (Westerly, Rhode Island). . .The Washington Trust Company has earned designation as the top Reverse Mortgage lender, in Rhode Island, in loans as of February 29, 2008, according to data released by the U.S. Department of Housing and Urban Development and Federal Housing Authority. To date, in 2008, Washington Trust has approved 14 loans out of 97 in the state of Rhode Island.

“We're proud to be recognized as Rhode Island's #1 Reverse Mortgage lender,” said John C. Warren, chairman and CEO of Washington Trust. “More and more senior consumers are turning to Washington Trust for their financial planning advice.”

A reverse mortgage is a loan that enables senior homeowners to convert their home equity into tax free income (consult a tax advisor) without having to give up title or take on a monthly payment. To be eligible, homeowners have to be 62 years of age or older.

The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.5 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the largest independent bank and the oldest community bank in the nation, headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including business banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, southeastern Connecticut and Massachusetts. The Corporation’s common stock trades on The NASDAQ Stock Market under the symbol WASH. Web site address: www.washtrust.com.