NewHavenBIZ

n e w h a v e n b i z . c o m | J u n e 2 0 2 2 | n e w h a v e n B I Z 9 With deep gratitude for the healthcare professionals providing extraordinary care to each patient and showing compassion to each other, each day at Connecticut hospitals CareWeCanCountOn.org Edward O. "Ned" Handy III Chairman & Chief Executive Officer Washington Trust Bancorp Inc. Age: 60 Education: B.S., Urban Studies, Brown University M a r k K .W. G i m President and Chief Operating Officer The Washington Trust Co. Age: 56 Education: B.A., History, Brown University; Master's degree, International History, London School of Economics speed things up and get access to people, but not to substitute that human connection. Q. How has the pandemic impacted the bank? A. Handy: We have come through it very well from a credit standpoint. Our customer base is very much intact. We are in the process of returning to [in-person] work, though not all the way there. We have been patient and practical and prudent about how we do it. Flexibility is going to be critical. We envision a hybrid workplace well into the future and maybe forever. At this point we are feeling our way through it like everyone else. We are keeping safety, health and customer service at the forefront. Q. Who are your typical business customers? A. Handy: We have a lot of different types of customers on the real estate side. ey tend to be specialists in multifamily, industrial, hospitality or retail. On the retail front, today we are focused more on net retail, so the CVS, Walgreen standalone single tenant, or food-anchored strip center kind of retail. On the C&I side, we have a well- developed healthcare book, which is more assisted living and memory care, and dentist and physician practices. We have manufacturers and distributors, service companies, law firms, contractors. Retail like Dunkin' Donuts franchises. at is a typical community-oriented bank and that's what we are. We do residential mortgages and home equity loans. We have been involved in some of the downtown New Haven real estate renovations and multifamily apartment projects. Q. Do you foresee expansion into different areas of business — such as cannabis? A. Handy: It is a good question and one that's on everybody's mind. We have no plans to, at this point. But when the regulatory environment is aligned and it is blessed by our regulators and entirely appropriate to do so, it is an area of business we should be focused on and will be. At this point, we haven't done anything in the cannabis space. Q. Would the bank be interested in a future M&A deal? A. Handy: We would be interested under the right conditions, at the right time, at the right price, for the right reasons, to grow through M&A. No one would call us super acquisitive. We haven't bought a bank in over a decade. But if that became an opportunity and made sense, that may be a way we could expand in Connecticut, or anywhere else for that matter. At this point it is organic growth and doing exactly what we are doing in Connecticut — building brand awareness and presence. n ON THE RECORD | Q&A

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