financial services

E.P. couple wins ‘millionaire’ contest

Posted 11/15/11

EAST PROVIDENCE – Steven and Barbara Pennoyer got to live like millionaires for a day – complete with being able to keep the interest earned in one day on $1 million.

As part of Washington Trust Co.’s marketing campaign surrounding the opening of its new East Providence branch on Taunton Avenue recently, the bank held the Millionaire for a Day contest.

The Pennoyers got a check for a day’s interest on $1 million and a night out, including two tickets to the Nov. 4 show of “Les Miserables” at Providence Performing Arts Center, a $100 restaurant gift certificate, four hours limousine transportation and a $100 I LUV RI gift basket, filled with items and edibles from Rhode Island favorites.

In this economy, it turns out the night out is worth more than the interest on $1 million, which factoring rules of the contest, came out to be $100, said Elizabeth Eckel, spokeswoman for Washington Trust.

According to the rules, the payment was the equivalent of interest on $1 million for one day, at the 91-day U.S. Treasury Bill rate as of the date of the drawing, or $100, whichever is greater. A day’s interest rate would have been $86, Eckel said.

The Pennoyers recently opened a new account at the bank and entered to win the contest.

“I was very surprised to learn that we had won,” Steven Pennoyer said. “We’re excited to spend a night receiving the royal treatment.”

Since joining the bank the Pennoyers say they have been impressed with Washington Trust and the service they’ve received.

Paul J. Tavares, Washington Trust vice president, branch manager for the East Providence branch, said the bank strives to be the bank of choice for area residents.

Washington Trust’s East Providence branch is located at 587 Taunton Ave. The Washington Trust Co. is a subsidiary of Washington Trust Bancorp Inc.

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I'd be curious to know what the interest charge would be to "borrow" a million dollars from Washington Trust for a day. Bet it's more than the $86 bucks they gave the couple. Nice gesture at any rate. (pun intended)

Tuesday, November 15, 2011 | Report this
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