WESTERLY – The Washington Trust Co. continues to eye brick-and-mortar branches as a way to grow its market share in Rhode Island.
The Westerly-based bank on Wednesday announced tentative plans to open three new branches, having recently submitted applications to federal regulators. If approved, the branches planned for Barrington, Providence and Smithfield would increase the bank’s Rhode Island footprint by 12.5% to 27 branches.
The expansion comes after a wave of branch closures by other regional and national banks in the last two years, including Citizens Bank, Webster Bank and Berkshire Bank. However, Washington Trust Co. is still reaping the benefits of brick-and-mortar banking, which has been a key way to increase its deposits, company leaders told PBN previously.
Washington Trust also opened a new branch in Cumberland earlier this year.
The company has the third-largest market share and third-highest number of branches in Rhode Island, according to the Federal Deposit Insurance Corp.
“Our retail and business customers value the personal service and attention our local branch teams provide, along with the conveniences our digital banking services offer,” Edward ‘Ned’ O. Handy III, chairman and CEO, said in a statement.
Washington Trust expects to open the branches in 2023, pending approvals from federal and state regulators and local planning and zoning groups, the release stated.
The company will also hire more workers to staff the branches, although the exact number was not available.
The proposed locations are: 236 County Road, Barrington; 1917 Westminster St., Providence; and 371 Putnam Pike, Smithfield.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
