NewHavenBIZ

8 n e w h a v e n B I Z | J u n e 2 0 2 2 | n e w h a v e n b i z . c o m O n T h e R e c o r d | Q & A Market Growth Rhode Island-based Washington Trust expands in New Haven By Michelle Tuccitto Sullo W hile e Washington Trust Co. has long been active in Connecticut, the Westerly, Rhode Island-based bank is putting more resources into the Nutmeg State, with a New Haven expansion planned this summer. e bank, founded in 1800, gets its name from George Washington, and says it is the oldest community bank in the nation and the first to print Washington's likeness on currency. Today, it has 24 branches, with most in Rhode Island. In Connecticut, it has one branch, in Mystic. It also has a presence in Glastonbury, where it has had a mortgage office since 2011. In 2015, it acquired the investment management firm Halsey Associates in New Haven, giving it a wealth management office in the Elm City for the past seven years. Halsey was recently rebranded PHOTO | MICHELLE TUCCITTO SULLO Washington Trust's growing offices in New Haven are at 265 Church St., or One Century Tower. as "Washington Trust Wealth Management," which operates out of 265 Church St. in New Haven. For the bank's latest expansion, it is opening a new, 1,435-square- foot commercial lending office this summer at 265 Church St., on the same 10th floor as the existing wealth management business. e office will be staffed by five current employees and two new hires. e bank does business throughout Connecticut, and its leaders say the New Haven and Hartford markets represent strong growth opportunities. Washington Trust Bancorp Inc., the publicly-traded holding company of Washington Trust, reports having $4.3 billion in total loans, $5.1 billion in deposits, $7.5 billion of wealth management assets under administration, and $5.8 billion in assets. Its first quarter profits totaled $16.5 million, or 94 cents per diluted share, down from $20.5 million, or $1.17 per diluted share, in the year-ago period. As of Dec. 31, about 39% of the bank's commercial real estate loans and 8% of its 2021 mortgage volume was from Connecticut. In one recent example of the bank's local commercial activity, earlier this year it provided commercial financing to Hartford- based parking company Propark Mobility. New Haven Biz recently chatted with two top Washington Trust leaders to learn more about the bank's future in Greater New Haven and Connecticut. Edward "Ned" O. Handy III is chairman of the board of directors and CEO for Washington Trust Bancorp, and he leads more than 600 employees working throughout Rhode Island, Connecticut and Massachusetts. Handy has been in his present role since 2018, and his career has included stints at Citizens Financial Group and Fleet Financial Group. Mark K.W. Gim is president and chief operating officer with Washington Trust, and he has been with the bank for nearly three decades. Q. Tell us about Washington Trust's planned expansion in Connecticut. A. Handy: We have been active in Connecticut for quite some time, on the wealth side, on the mortgage side and on the commercial real estate side. A little less so on the commercial and industrial or C&I lending side. We intend to expand all of those. We have committed to opening an office for our commercial lending business in New Haven, adjacent to our wealth office, this summer. Q. What is the plan for this New Haven location and why there? A. Handy: We think it is going to open about July 1. Through all the time we have been in the market, we have developed some great partnerships between our wealth business, our mortgage business and commercial business. To have the commercial team sitting next to the wealth team just promotes cross referral, and enables us to take care of customers that much better. We think a physical presence in the marketplace sends the right signal and is the right strategy for us. It just makes us a little bit more part of the fabric. Q. Do you foresee additional Connecticut expansion? A. Handy: At this point, it is just the New Haven office. They will service the entire state. We think it is a good central location for where our footprint is, where our people are, and it is a strong market, one that we have been active in for a while. Q. How have the bank's real estate needs been evolving overall? Any branch closures? A. Handy: We haven't closed any branches and don't have any plans to. Our branch network is very efficient already. We have no need to even think about that. In fact, we are adding branches in the Rhode Island footprint. [Closing branches] is a strategy that some of the larger banks have used for efficiency where they've got duplication. It is just not our reality. We have no plans to consolidate. Q. What kind of investment is Washington Trust making in technology? A. Gim: The main thing we want to do with technology is to improve convenience for the customer to transact business, move money between accounts or for loan applications. Also, we want to provide quick access to experienced senior bankers who can help understand and then solve the clients' financial needs. We want to use technology to

• Cover