Washington Trust marks 225 years as a trusted banking partner for RI’s families and businesses

Established in Westerly in 1800, Washington Trust is the oldest community bank in the nation

WESTERLY, RI – The Washington Trust Company, the oldest community bank in the nation, proudly marks 225 years of commitment to the businesses and families of Rhode Island and New England. Since opening its doors on August 22, 1800, Washington Trust has grown to become one of New England’s premier banking, mortgage and wealth management institutions, and a dedicated partner committed to bettering the region.

Washington Trust was founded by a group of entrepreneurs in Westerly, Rhode Island who recognized the need for a local financial institution to serve the region’s farming and fishing communities. At the time about 68,000 people were living in Rhode Island and the state’s population was quickly growing. Rhode Island’s longest seated governor, Arthur Fenner, was ten years into his term, and John Adams was serving as the nation’s second president. Washington Trust took its name in honor of George Washington, and the bank quickly became a trusted resource for generations of families and businesses.

A Legacy of Firsts and Longevity

Washington Trust was the fourth bank to open in Rhode Island and is now the oldest one in the state still operating independently, surviving the panics of the 1800s when many banks failed. Today Washington Trust employs more than 650 employees across Rhode Island, Connecticut, and Massachusetts.

The bank’s history is deeply intertwined with America’s own journey. It was the first bank in the country to print a likeness of George Washington on currency, and its vault from the original “Little Greek Temple” building remains in use today—so integral to the bank’s identity that its current headquarters was built around it in 1925.

Timeline of Notable Milestones

1800 – Washington National Bank is chartered in Westerly, RI  1801 – First dividend is earned and paid  1839 – Capital reaches $150,000  1854 – First savings department is opened  1904 – Restructured as a state-chartered bank with trust powers  1914 – First branch office opens in Hope Valley, RI  1925 – Main office at 23 Broad Street is completed 1931 – Loan department established  1960 – First drive-up teller window installed  1976 – Online teller system connects branches  1982 – Deposits insured by FDIC  1984 – $WASH begins trading on NASDAQ   1985 – First ATM installed (“Martha”)   1997 – Expansion to supermarket branches  1999 – Launch of washtrust.com 1999 – $1B in Wealth Management AUA  2000 – 200th birthday celebrated 2000 – Personal online banking introduced  2008–2015 – Mortgage and Wealth Management offices open in CT and MA  2024 – Bilingual branch opens in Olneyville   2025 – Ring Nasdaq Opening Bell

A Source of Pride for Rhode Island

Among the ten publicly-traded companies headquartered in Rhode Island, Washington Trust stands as the longest-operating one. While nearby banks are merging or being acquired, Washington Trust has remained independent.  This matters because Washington Trust’s longevity and independence have provided stability and a source of pride for the state and region.

Washington Trust remains committed to supporting local businesses, fostering generational wealth through homeownership, and investing in the region’s future, by donating more than $1 million annually and contributing more than 8,000 volunteer hours to nonprofit organizations focused on financial wellness, housing, and family services. 

Celebration Events

To commemorate Washington Trust’s historic milestone 225^th birthday, on August 22 Chairman and CEO Edward O. “Ned” Handy III will ring the NasdaqOpening Bell in Times Square, joined by approximately 50 Washington Trust executives, senior managers, and employees.  Additionally on this date, each Washington Trust bank branch will hold a customer appreciation day, with raffles, refreshments, and commemorative materials.

Leadership Reflections

“This anniversary isn’t just about Washington Trust’s history—it’s about the community that helped make it possible,” said Handy. “We’re proud to celebrate this milestone with the people who’ve supported us every step of the way.” 

“At the core of Washington Trust’s success is relationship banking—knowing our customers, understanding their goals, and helping them succeed,” said Handy. “As we celebrate 225 years, we’re focused on continuing that tradition with a deep commitment to the communities we serve.”