Caution in PPP loan spending bolsters Washington Trust Q3 deposits

WESTERLY – The Washington Trust Co. continues to see deposits increase, in part due to federal forgivable payroll loans that some recipients still haven’t spent. Washington Trust Bancorp Inc., the bank’s parent company, reported $4.3 billion in total deposits in its third-quarter earnings release. That represents a 4% increase over the prior quarter, and a…

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