PROVIDENCE – The Washington Trust Co. has opened a branch in the heart of the Olneyville section of the city in a former Citizens Bank location.
The branch at 1917 Westminster St. is Westerly-based Washington Trust’s 28th branch location and will be staffed by employees who are all bilingual in English and Spanish.
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“We are thrilled to celebrate the opening of our Olneyville branch, an effort that has been years in the making,” said Edward O. “Ned” Handy III, Washington Trust chairman and CEO. “As the nation’s oldest community bank, being a true financial partner to individuals, families and businesses is at the heart of what we do. We’re eager to deepen our existing relationships, build new ones and help the vibrant Olneyville community thrive.”
Handy took part in a ribbon-cutting ceremony on Sept. 13 and was joined by Mary E. Noons, Washington Trust president and chief operating officer, and other bank executives and community leaders, as well as R.I. General Treasurer James A. Diossa and House Speaker K. Joseph Shekarchi.
During the event, representatives from the Olneyville Neighborhood Association were presented with a $20,000 contribution from the Washington Trust Charitable Foundation to support the association’s efforts to acquire a new, mixed-use space that will serve as the nonprofit’s headquarters while also offering one to two residential apartments for rent.
Eddy Grijalva has been appointed branch manager. Washington Trust said the branch will offer deposit services, mortgage and home equity loans, business banking services, and wealth management and trust services.
A year ago, Washington Trust – the third-largest bank in Rhode Island in terms of deposits – agreed to a $9 million settlement with the U.S. Justice Department that the bank engaged in lending discrimination from 2016 to 2021.
The bank vehemently denied the allegation but said it entered into the agreement to avoid the expense and distraction of potential litigation.
Part of the agreement called for the bank to open two new branches in majority-Black and Hispanic neighborhoods in Rhode Island and ensure at least two mortgage loan officers are dedicated to serving these neighborhoods.
At the time of the agreement, Washington Trust was already working on opening the Olneyville branch, located in a majority Hispanic neighborhood. The branch was built in 1927 and was originally a location for the Providence Institution for Savings, which became the now-defunct Old Stone Bank. The location was most recently a Citizens Bank branch.
A grand opening for the Washington Trust branch is scheduled for Sept. 28.
