Washington Trust marks 225 years as a trusted banking partner for RI's families and businesses
Established in Westerly in 1800, Washington Trust is the oldest community bank in the nation
WESTERLY, R.I., Aug. 22, 2025 /PRNewswire/ -- The Washington Trust Company, the oldest community bank in the nation, proudly marks 225 years of commitment to the businesses and families of Rhode Island and New England. Since opening its doors on August 22, 1800, Washington Trust has grown to become one of New England's premier banking, mortgage and wealth management institutions, and a dedicated partner committed to bettering the region.
Washington Trust was founded by a group of entrepreneurs in Westerly, Rhode Island who recognized the need for a local financial institution to serve the region's farming and fishing communities. At the time about 68,000 people were living in Rhode Island and the state's population was quickly growing. Rhode Island's longest seated governor, Arthur Fenner, was ten years into his term, and John Adams was serving as the nation's second president. Washington Trust took its name in honor of George Washington, and the bank quickly became a trusted resource for generations of families and businesses.
A Legacy of Firsts and Longevity
Washington Trust was the fourth bank to open in Rhode Island and is now the oldest one in the state still operating independently, surviving the panics of the 1800s when many banks failed. Today Washington Trust employs more than 650 employees across Rhode Island, Connecticut, and Massachusetts.
The bank's history is deeply intertwined with America's own journey. It was the first bank in the country to print a likeness of George Washington on currency, and its vault from the original "Little Greek Temple" building remains in use today—so integral to the bank's identity that its current headquarters was built around it in 1925.
Timeline of Notable Milestones
1800 – Washington National Bank is chartered in Westerly, RI
1801 – First dividend is earned and paid
1839 – Capital reaches $150,000
1854 – First savings department is opened
1904 – Restructured as a state-chartered bank with trust powers
1914 – First branch office opens in Hope Valley, RI
1925 – Main office at 23 Broad Street is completed
1931 – Loan department established
1960 – First drive-up teller window installed
1976 – Online teller system connects branches
1982 – Deposits insured by FDIC
1984 – $WASH begins trading on NASDAQ
1985 – First ATM installed ("Martha")
1997 – Expansion to supermarket branches
1999 – Launch of washtrust.com
1999 – $1B in Wealth Management AUA
2000 – 200th birthday celebrated
2000 – Personal online banking introduced
2008–2015 – Mortgage and Wealth Management offices open in CT and MA
2024 – Bilingual branch opens in Olneyville
2025 – Ring Nasdaq Opening Bell
A Source of Pride for Rhode Island
Among the ten publicly-traded companies headquartered in Rhode Island, Washington Trust stands as the longest-operating one. While nearby banks are merging or being acquired, Washington Trust has remained independent. This matters because Washington Trust's longevity and independence have provided stability and a source of pride for the state and region.
Washington Trust remains committed to supporting local businesses, fostering generational wealth through homeownership, and investing in the region's future, by donating more than $1 million annually and contributing more than 8,000 volunteer hours to nonprofit organizations focused on financial wellness, housing, and family services.
Celebration Events
To commemorate Washington Trust's historic milestone 225th birthday, on August 22 Chairman and CEO Edward O. "Ned" Handy III will ring the Nasdaq Opening Bell in Times Square, joined by approximately 50 Washington Trust executives, senior managers, and employees. Additionally on this date, each Washington Trust bank branch will hold a customer appreciation day, with raffles, refreshments, and commemorative materials.
Leadership Reflections
"This anniversary isn't just about Washington Trust's history—it's about the community that helped make it possible," said Handy. "We're proud to celebrate this milestone with the people who've supported us every step of the way."
"At the core of Washington Trust's success is relationship banking—knowing our customers, understanding their goals, and helping them succeed," said Handy. "As we celebrate 225 years, we're focused on continuing that tradition with a deep commitment to the communities we serve."
ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. In 2025, Washington Trust reached a milestone of 225 years in operation, marking its commitment to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender. Washington Trust is a subsidiary of Washington Trust Bancorp, Inc., a publicly-owned holding company which trades on NASDAQ: WASH. For more information, visit the Bank's website at www.washtrust.com or the Corporation's website at ir.washtrust.com.
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SOURCE The Washington Trust Company