Building from the bonds of strong partnerships

Strength in partnerships, strategic planning, a diversity of skills and services, and a 200-plus year commitment to the region have all established The Washington Trust Co. on a solid bedrock of success.
Founded in 1800 and offering a variety of personal and commercial banking and wealth-management services, the Westerly-headquartered company is the largest independent bank in Rhode Island, the oldest community bank in the nation and one of the oldest public companies listed on the stock market.
Building upon that steady foundation, the company has continued to expand not only its portfolio but its footprint – as well as its community impact – over the past several years, providing services for customers of all sizes, and financing for various projects in not only Rhode Island, but also Connecticut, Massachusetts and New York.
In particular, 2013 was a hallmark year, with “record full-year earnings,” Chairman and CEO Joseph J. MarcAurele said in a statement. “We continued to build relationships with individuals and businesses throughout the region, which contributed to solid loan and deposit growth.”
And 2014 has seen more of the same. The recently posted third-quarter earnings for Washington Trust set a record, at $10.5 million. And the company boosted the dividend to 32 cents per share, 6 cents more than for the same 2013 period.
Loan growth was robust as well: Fueled by increases of 7.1 percent and 29.2 percent, respectively in total commercial loans and total residential real estate loans, total assets have reached $3.4 billion, a gain of 9.1 percent year over year. Also showing an increase in the third quarter was wealth-management revenue, with a 9.8 percent increase to $8.4 million.
At the same time, the company continues to extend its physical reach. In May, it opened its newest branch – its 19th – in Johnston.
“It may have taken us 214 years, but ‘Rhode Island’s Bank of Choice’ is now in Johnston, and we are pleased to serve the businesses and residents of the town,” MarcAurele said in a statement at the time.
Because of the bank’s tenacity in augmenting not only its size but its services, it was recently named among the fastest-growing mortgage lenders in Connecticut in the Commercial Record’s Fast 50.
At the core of the company’s success is its steadfast emphasis on establishing, maintaining and pursuing new partnerships.
One of its values, in fact, is “power of partnerships,” which encourages employees to share their success stories of referrals and introductions in all aspects of the business, which thereby has a ripple effect: Their fellow workers are encouraged to identify future opportunities, with the hope of ultimately helping to expand customer relationships.
This power-of-partnership approach can encompass anything from a retail banker recommending a lender for a potential mortgage, to the leveraging of an existing commercial relationship to employee bank-at-work opportunities, to referring an existing commercial lender for a residential loan.
“Sales is not just the job of business-development officers – everyone can contribute to growth and continue to demonstrate why Washington Trust is the bank of choice for so many,” the company stressed in a statement. “We work together in each and every level and on each and every aspect of our business.”
And its efforts certainly haven’t gone without notice or accolades. In a thank-you note to President and Chief Operating Officer Edward O. “Ned” Handy III, Bruce Lane, a broker associate with Williams and Stuart Real Estate, wrote “our experience with your commercial-lending department for our real estate office purchase has been instrumental in my company’s growth and my personal growth. I now see that the company’s philosophy starts from the top.”
Beyond its financial influence, Washington Trust also maintains a strong influence when it comes to the betterment of the community, and is repeatedly lauded for its workplace excellence, as well.
Over the past year, for example, it has collected 5 tons of peanut butter for Rhode Island food pantries; co-hosted a free document shredding day, and has financially donated to the emergency support system Crossroads Rhode Island, the Rhode Island Blood Center, and the Domestic Violence Resource Center of South County. It also supports The Chorus of Westerly and was a major sponsor of this year’s 27th Annual Apple Festival in Johnston. And it continually honors its employees, who share this ingrained corporate spirit of service and volunteerism.
But Washington Trust ultimately recognizes that a company is only as successful as its employees. For four years in a row, it has been named one of the Best Places to Work in the region through a statewide program undertaken by Providence Business News and the Best Companies Group.
In addition to competitive salary and robust insurance packages, its employees receive reduced rates or waived fees on a number of banking services.
Washington Trust also offers numerous other incentives and programs, striving, as it says, to “provide a continuous learning environment where employees will be encouraged to develop to their fullest potential.”
One such program is LifeWorks, a confidential resource that assists employees and their families with personal and relationship programs, work stress, emotional strain, financial and legal concerns, and addiction.
Similarly, the company offers a bevy of wellness programs to encourage employees and their families to be proactive about their health and well-being. Initiatives include smoking-cessation incentives, offerings of flu shots and health screenings, and wellness seminars on a wide range of topics.
To help its workforce achieve a work-life balance, employees are also given the opportunity for flexible start and stop times, job sharing, and a popular, 32-hour full-time workweek. All make juggling other, off-the-clock responsibilities infinitely easier for team members.
Prompting the concept of lifelong learning, full-time employees also are eligible to receive tuition reimbursement for certain preapproved undergraduate and graduate courses.
“The success of our company starts with our employees,” MarcAurele said, calling the honor of being repeatedly named among the state’s Best Places to Work, “a testament to our continued commitment to providing an exemplary workplace for our employee group.” •

No posts to display