Washington Trust opens branch on Providence’s East Side

Westerly-based Washington Trust opened its newest branch at 229 Waterman St. on the East Side of Providence last year. /PBN File Photo
WESTERLY-BASED WASHINGTOIN TRUST posted net income of $17.5 million in the third quarter, driven by growth in lending and deposits, the bank reported Monday.

PROVIDENCE – Washington Trust Co. recently opened its 21st full-service retail branch on the East Side of Providence, marking another step in its strategy to capture a larger share of deposits in Rhode Island.
The Westerly-based bank’s new branch is inside the recently renovated office building at 229 Waterman St. Washington Trust is expanding its footprint in greater Providence in an effort to increase deposits, president and CEO Joseph A. MarcAurele told Providence Business News last year.
The Federal Deposit Insurance Corp. last fall released its annual summary of deposits, showing Washington Trust with the third-most in the state with $2.7 billion, representing a 6.1 percent increase compared with the previous year. The bank increased its market share by 0.24 percentage points to 9.58 percent, according to the report.
According to its third-quarter earnings last year, Washington Trust reported $2.8 billion in total deposits and $3.7 billion in total assets.
The bank opened a new branch in the Rumford section of East Providence in the second quarter of last year.
Washington Trust hired Albertina Santos, a banking veteran of 20 years, as assistant vice president, branch manager of the new East Side branch. She most recently served as branch manager for Bank of America in North Providence, according to Washington Trust.
Washington Trust, a subsidiary of Washington Trust Bancorp, now has 20 branches throughout Rhode Island and one in Mystic, Conn.

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