Washington Trust Bancorp, Inc., parent of The Washington Trust Company yesterday announced that it has completed its acquisition of First Financial Corp., parent of First Bank and Trust Company. As a result of the acquisition, First Financial Corp. has been merged with and into Washington Trust Bancorp, Inc. and First Bank and Trust Company has been merged with and into The Washington Trust Company. The conversion of First Bank deposit and loan accounts will take place at the close of business on May 10, 2002.
John C. Warren, Washington Trust’s chairman and CEO, said, “This is a terrific acquisition for us, as it gives us a solid presence in the Greater Providence and central Rhode Island marketplace.
“It also supports our expansion into Warwick.”
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Washington Trust plans to open a 7,000+ square foot, full-service branch at 236 Centerville Road (Route 117) near the Apponaug section of Warwick later this year. Warren noted, “These initiatives enable us to bring our unique community banking strategy, including trust and investment management services, personal and business banking to a wider audience in Rhode Island.”
Under the merger, shareholders of First Financial common stock will receive 0.842 of a Washington Trust share plus $16.00 in cash for each share of First Financial common stock that they hold, with cash to be paid in lieu of fractional shares.
As a result of the acquisition, Patrick J. Shanahan, Jr., First Bank Chairman, President and CEO has joined Washington Trust’s Board of Directors. Warren noted, “Pat brings a wealth of experience in community banking and we’re thrilled to have him join the Washington Trust team.”
