Five Questions With: Joseph J. MarcAurele

Joseph J. MarcAurele is chairman and CEO of Washington Trust Bancorp Inc., parent company of Westerly-based The Washington Trust Co.
The company last week reported record earnings for 2015, marking the second year in a row with record-breaking profit. MarcAurele talks with Providence Business News about what it would take to continue the trend in 2016.

PBN: How do you feel about finishing 2015 with record-breaking profit growth?
MARCAURELE:
We feel very good about the year we just had. We feel optimistic going into 2016. I would say that after what was a little bit of a slower third quarter on balance, the company really got its momentum back in the fourth quarter and finished the year very strong. We’re proud of the fact that we generated record earnings. And the real key for us going forward is to keep that momentum up.
PBN: Do you think you can repeat it?
MARCAURELE:
That’s the goal. There are always variables to this. We have a very large wealth management business that’s either aided greatly by increases in the equity markets or hindered by decreases in the equity markets. We feel good about all of our lines of business and we have more legs to the stool than most community banks. We have a substantial commercial real estate business. Our retail business is clicking along and our retail mortgage business has grown a lot.
PBN: You just opened a new branch on the East Side of Providence but don’t expect any more new ones this year. What’re your thoughts on Washington Trust’s retail banking strategy in Rhode Island?
MARCAURELE:
We want to continue to build out our branch locations in Rhode Island, but we’re going to do it slowly and within bounds of our expense base to make sure we’re being prudent. Every one of our branches is doing well. None of them overlap one another. There are no weak performers that we would close.
PBN: On the topic of wealth management, you recently acquired Halsey Associates Inc., a Connecticut-based wealth management firm. Should we expect more acquisitions on the horizon?
MARCAURELE:
We are always looking at acquisition opportunities, but acquisitions are a secondary source of growth for us. We’re always conscious that we have to grow our existing businesses. To the extent that they’re existing in markets where we think we could grow into, without too much dilution, we would certainly take those into consideration. But we wouldn’t do things too far afield … I think we wouldn’t get involved in things we couldn’t readily drive to.
PBN: Any lasting thoughts on 2016?
MARCAURELE:
Only that we remain dedicated to the local market in particular. We also feel very good about our most recent acquisition of Halsey and we’re hoping it acts to some extent as a launching pad to allow us to do a little bit more in the Connecticut market.

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