Washington Trust plans to open two R.I. branches

WESTERLY – Washington Trust Bancorp Inc., parent of The Washington Trust Co., plans to open two branches, Chairman and CEO Joseph J. MarcAurele said last week.

The first would open later this year on the East Side of Providence on Waterman Street and the other would open in Coventry next year on Tiogue Avenue.

President and Chief Operating Officer Edward O. “Ned” Handy III said the bank, which reported record second-quarter profit of $11.5 million last week, believes there is still room to gain more market share, especially in the Greater Providence area.

The bank has a 9 percent market share of deposits in the state, he said, the third largest, behind Citizens Financial Group Inc. and Bank of America Corp., which are No. 1 and No. 2, respectively.

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The bank also recently opened a branch in the Rumford section of East Providence, Handy said.

Washington Trust now has 20 branches open. Nineteen of the branches are in Rhode Island; one is in Mystic, Conn.

The bank, which is the state’s oldest community bank, is celebrating its 215th anniversary in August.

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