WESTERLY – 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.
$8.1 million released
for RI road projects
WASHINGTON, D.C. – Funds for three Rhode Island projects have been released by the U.S. Treasury. A total of $8,178,441 has been allotted for the construction of the Blackstone River bikeway, Washington Bridge repairs and improvements on Route 295.
The Washington Bridge project will get the largest share of the allotment, $3,763,620 for repairs of the bridge over the Seekonk River and supporting ramps; with Route 295 coming in second at $2,914,821 to be used for safety improvements, and the Blackstone River bikeway last at $1.5 million to be used for the one-mile section of the link between Cumberland and Lincoln, including the construction of the Lonsdale Marsh Boardwalk. The announcement came from the office of Sen. Lincoln Chafee.
Woonsocket agency
selects new name
WOONSOCKET – The Board of Directors of Main Street 2000 Development Corporation has voted to utilize another name because of the expansion of its service area to include the Riverfront revitalization district. The corporation recently filed documentation with the state’s Secretary of State’s office to register the new name as the “Woonsocket Main Street-River Front Initiative.”
The organization will now encompass Main Street and the surrounding riverfront from River Island Park to the Hamlet Avenue Bridge and bring new strength and expertise to the area.
Newport Creamery
opens in Johnston
JOHNSTON – Newport Creamery, LLC opened a new Johnston location last week, four months after the restaurant chain’s purchase from bankruptcy court by the Cranston-based Jan Companies.
The new restaurant, located at 1414 Atwood Ave., employs 70 staff and management personnel. Additional plans call for at least two former Newport Creamery locations to be reopened in the next several months, one in North Kingstown and another in Bristol. Newport Creamery currently operates 13 restaurants, 11 in Rhode Island and two in Southeastern Massachusetts.
Hodges to retire
from Bancorp RI board
PROVIDENCE — Bancorp Rhode Island has announced that James Hodges will retire from the board of directors as of the company’s annual meeting May 15.
Hodges will also retire from the board of the company’s banking subsidiary, Bank Rhode Island. His retirement will reduce the number of board members at both to 13.
Hodges has been a member of the board since the bank’s formation in 1996 and has also served as chairman of the compensation committee. He is the chairman and former president and CEO of Hodges Badge Company in Portsmouth.
“(Hodges) has been an important member of our board of directors since the beginning,” said Chairman Malcolm G. Chace. “His business knowledge and experience have been instrumental to the success of this institution.”
Company president & CEO Merrill W. Sherman also expressed management’s appreciation for Hodges’ work on the board.
“We are grateful for his contribution and wish him all the best,” she said.
Ambassador to
speak at Pell Center
NEWPORT – Peter Galbraith, the first U.S. Ambassador to the Republic of Croatia and Cabinet Minister, East Timor Transition Government, will give a free lecture on “The New Global Challenge of Nation-Building: Lessons from East Timor and the Balkans” at 6 p.m. on Thursday, May 2 at the Pell Center for International Relations and Public Policy, corner of Ruggles and Bellevue Avenues.
Galbraith was actively involved in the Bosnia and Croatia peace processes.
