Operating solely in South County with about $300 million in assets, The Washington Trust Co. was a relatively small fish when David V. Devault joined the bank back in 1986.
But there was definitely reason for Devault to be optimistic about his new employer.
“It had a substantial wealth management and trust business, unusual for a bank of its size,” Devault said. “The bank was profitable and extremely well-capitalized. As a public company, it had access to capital markets. All those characteristics provided a springboard for successful growth, and the bank has grown significantly.”
You can say that again.
In the almost 30 years that Devault – now its chief financial officer, as well as vice chair and secretary – has worked there, Westerly-based Washington Trust has grown into a regional banking company operating in Rhode Island, Connecticut and Massachusetts with assets totaling nearly $3.7 billion. The bank’s wealth-management business administers more than $5.7 billion of client assets.
The company has grown organically but also, Devault says, through geographic expansion, new branches and several successful acquisitions.
“The company has achieved [well above average] results because it has a good business model,” Devault said. “Management believes in a thoughtful approach to risk. We’re large enough to …meet the financial-service needs of the vast majority of people and businesses in our region, while still remaining locally focused and managed.”
Raised in Oxford, Mass., Devault fully realized his passion and knack for accounting when a friend suggested he major in the field while a student at the University of Massachusetts Amherst.
After graduating in 1976, Devault became a certified public accountant and worked in the audit field for 10 years at KPMG. As he and his wife, Lorraine, were starting a family, Devault saw an opening for a controller at Washington Trust.
“It had a number of attributes that were appealing,” Devault recalled. Plus, “I knew and respected the CEO, Joe Kirby. My wife and I were familiar with Westerly. It was a natural fit.”
Devault led the bank through the recession of the early ’90s and says he learned a great deal about himself and the business during that time.
“Many banks in the region were harmed to various degrees,” Devault said. “Washington Trust was not immune from that. For a time, it was not easy to see where the economy might bottom out.”
Devault spends most of his time these days focusing on analysis and forecasting of the company’s financial performance, and building the bank’s operational abilities.
Joseph J. MarcAurele, chairman and CEO of Washington Trust, is the fourth chief executive Devault has worked for. He does not stint in his praise.
“I have found him to be one of the absolute finest banking executives that I have ever observed during my 30-plus year career. David has combined a mix of integrity, knowledge and commitment to become a true leader in the company,” MarcAurele said in his letter nominating Devault.
“I feel fortunate to work every day side by side with David,” he said.
Washington Trust Treasurer Mark K.W. Gim has known Devault for more than 20 years. Devault hired him in 1993.
“Dave takes pride not only in doing his own job well, but in helping others,” Gim said. “He makes Washington Trust better through his quiet and well-respected knowledge, competence and integrity.
“He sets high standards for himself and leads those around him to aspire to achieve those same standards. To me, this is a far better standard of leadership than simply telling people what to do,” he said. •
