CONTACT: Charlene P. Ferranti, Public Relations Officer, 401-348-1363
DATE: March 5, 2009
Washington Trust Provides Financing for Foster Corporation & Putnam Plastics
March 5, 2009 (Westerly, RI). . .Washington Trust’s Commercial & Industrial Lending Group recently provided financing to Foster Corporation, of Putnam, Conn., and Putnam Plastics of Dayville, Conn, so that they may combine their capabilities to provide world-class expertise in the creation and supply of advanced medical device and combination medical/pharmaceutical products based on advanced polymer technology. The financing supports short term working capital needs, a commercial mortgage, and an equipment term loan.
Foster Corporation is owned by Larry Acquarulo and Jim Dandeneau, of Conn., and the financing was used to acquire the assets of Putnam Plastics, which was formerly owned by Memry Corporation.
Washington Trust is pleased to provide financing to the Foster Corporation and Putnam Plastics for their growth and focus on products in the medical/pharmaceutical industry,” said John C. Warren, Washington Trust chairman and CEO.
Washington Trust's Commercial & Industrial Lending Group offers a full venue of credit and cash management products. For more information, contact Joseph Confessore, vice president and team leader, Commercial Lending Group, at 401-348-1439.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $3.0 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank 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.Corporation's common stock trades on The NASDAQ Stock Market under the symbol WASH. Web site address: www.washtrust.com.
