Established in Westerly in 1800, Washington Trust isn’t just old; it’s the oldest community bank in the nation, a title it wears with a certain New England pride.
WESTERLY, R.I., Aug. 22, 2025 /PRNewswire/ — At a time when fintech startups are disrupting traditional banking models, one institution in Rhode Island is proving that longevity can be a competitive advantage. The Washington Trust Company, marking its 225th anniversary, stands as a testament to enduring community commitment. Since its founding on August 22, 1800, Washington Trust has evolved into a regional financial powerhouse, offering banking, mortgage, and wealth management services, all while maintaining a laser focus on the prosperity of Rhode Island and the broader New England area.
Back in 1800, a group of Westerly, Rhode Island entrepreneurs, seeing a void in financial services for the burgeoning farming and fishing communities, established what would become Washington Trust. Rhode Island’s population was a mere 68,000 then, a far cry from today’s bustling state. While Arthur Fenner governed the state and John Adams navigated the young nation, Washington Trust, named in honor of George himself, quickly became a cornerstone of the region’s financial landscape.
A Legacy of Firsts and Longevity
Washington Trust, the fourth bank to plant roots in Rhode Island, now holds the distinction of being the state’s oldest independent bank, weathering economic storms that sank many of its contemporaries. Today, the bank employs over 650 individuals across Rhode Island, Connecticut, and Massachusetts, a testament to its continued growth and regional influence.
More than just a survivor, Washington Trust holds a unique place in banking history. It was, remarkably, the first U.S. bank to feature George Washington’s likeness on its currency. And, in a nod to its enduring history, the original “Little Greek Temple” vault remains in use, so iconic that the bank’s 1925 headquarters was literally built around it.
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
In a state with only a handful of publicly-traded companies, Washington Trust is the undisputed champion of longevity. While mergers and acquisitions reshape the banking landscape, Washington Trust has steadfastly remained independent, a point of pride for the region offering a welcome dose of stability amidst industry consolidation. This isn’t just about nostalgia; it’s about a sustained commitment to the local economy.
Washington Trust’s commitment extends beyond balance sheets, earmarking over $1 million annually and dedicating 8,000+ volunteer hours to initiatives promoting financial wellness, housing, and family services. The goal? To solidify its legacy as a financial institution deeply interwoven with the fabric of its community.
Celebration Events
To mark its historic 225th anniversary, Washington Trust Chairman and CEO Edward O. “Ned” Handy III will ring the Nasdaq Opening Bell in Times Square come August 22nd, accompanied by a delegation of executives, senior managers, and employees. Simultaneously, each branch will host a customer appreciation day, complete with raffles, refreshments, and commemorative swag. Because what’s a birthday without a party?
Leadership Reflections
“This anniversary isn’t just about Washington Trust’s history—it’s about the community that helped make it possible,” said Handy, acknowledging the intertwined relationship between the bank and its customers. “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,” Handy added, emphasizing the bank’s personalized approach. “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.
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SOURCE The Washington Trust Company
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