Washington Trust Bancorp Inc. (NASDAQ: WASH) is a public bank holding company founded in 1800 that stands as the parent of The Washington Trust Company. The business is based in Westerly, Rhode Island and provides commercial banking, retail banking, mortgages and wealth management services.
Washington Trust Bancorp operates through two key business segments: Commercial Banking and Wealth Management Services. This strategic organization enables the company to serve a diverse set of customers, ranging from individuals to small and medium scale enterprises, and even large corporations.
In the commercial banking segment, Washington Trust offers an array of services such as commercial and residential real estate loans, commercial loans, consumer loans, and deposit accounts. The services are not just confined to the retail or corporate level—Washington Trust also helps to finance the public sector and municipalities with their financial needs. Besides, the bank also supports services with its in-house cash management platform that aids businesses with payroll services, fraud protections, and payment processing.
The Wealth Management business, on the other hand, targets high-net-worth individuals, endowments, foundations, retirement plan services, mutual funds, brokerage retail investments, and financial planning. As part of their exclusive and personalized service, Washington Trust provides a personal wealth management advisor to manage the portfolios of high-net-worth individual customers.
Washington Trust Bancorp has also adopted advanced banking technology and offers digital banking services across different platforms. This allows their customer base to enjoy flexible and convenient banking options including mobile banking, online account management, digital payment solutions, and 24-hour telebanking.
The company, under consistent leadership and management, has maintained a stable growth trajectory. Washington Trust Bancorp operates more than 20 branches throughout the regions of Rhode Island, Massachusetts, and Connecticut and as of 2021, the company reported total assets of over $5.6 billion. It continues to embrace its core values of customer commitment, financial strength, and community focus, and is committed to serving the needs of its customers while ensuring their overall satisfaction.