Joseph J. MarcAurele

Joseph J. MarcAurele joined Washington Trust Bancorp., the nation’s oldest community bank, in 2009 and became its CEO the very next year. What followed includes record-breaking profit for the Westerly based bank in 2015, as well as a 30.2 percent pay raise for himself for the year.

The bank’s 2015 net income of $43.5 million was 6.5 percent more than in 2014, setting the institution up for a strong 2016 and beyond. Assets are also at an all-time high – $3.8 million.

Part of MarcAurele’s strategy includes slow, steady, prudent growth. He told PBN that the bank won’t open new branches just because it can.

“We want to continue to build out our branch locations in Rhode Island, but we’re going to do it slowly and within bounds of our expense base. … None of them overlap one another. There are no weak performers that we would close,” MarcAurele said.

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In August, Washington Trust acquired Connecticut-based Halsey Associates Inc. – which brought a 15 percent wealth management asset increase to the bank and expanded its reach – but MarcAurele views primary growth as more of a priority, he told PBN. The bank would, however, not rule out future acquisitions in markets where Washington Trust could make some headway without too much dilution, he said.

MarcAurele is well-known for helping local charities make headway as well. He has earned honorary degrees from Johnson & Wales and Bryant universities; a Hometown Hero Award from the Pawtucket Red Sox and Cox Communications; and sits on multiple committees and boards, including the Rhode Island Hospital Foundation. •

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