Washington Trust's Commercial Lending Group recently provided $525,000 in financing to ETR Media Group, Inc./Rhode Island Monthly Communications, Inc. of Providence, R.I. for the purchase of an existing publication business known as Rhode Island Monthly, and for working capital.
Rhode Island Monthly, a subsidiary of the Providence Journal, is Rhode Island's largest full-service publisher of magazines and specialty publications. John Palumbo who has been the publisher and president of Rhode Island Monthly for the past 12 years has purchased the business.
"Rhode Island Monthly's magazine and specialty publications appeal to residents and visitors alike," said Joseph J. MarcAurele, president and chief operating officer of Washington Trust. "Mr. Palumbo has been a part of Rhode Island Monthly's success for many years and we wish him well in his new role as owner of the business."
Washington Trust's Commercial Lending Group offers a full venue of credit and cash management products. For more information, contact Joseph M. 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 $2.8 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 Global Select® Stock Market under the symbol WASH. Web site address: www.washtrust.com.