2020
ANNUAL REPORT
CHAIRMAN’S MESSAGE
There are many words we could use to describe 2020:
disruptive, challenging, unprecedented...but at the same time,
the past year has been inspiring, collaborative, and hopeful.
Washington Trust has weathered many storms over the past
two centuries and has remained a cornerstone - always there
to help our customers and communities through difficult
times. In 2020 we rose to the challenges presented by the
COVID-19 pandemic; our employees stood strong, we
embraced change, and proactively became a part of the
solution. Our employees are the heart and soul of our
Corporation and I have the utmost pride in their efforts,
as they helped us continue to create additional value in the
Washington Trust franchise in 2020, despite tremendous odds.
While the pandemic unleashed dramatic market fluctuations
and disrupted just about every aspect of our economy, the
strength and resilience of the Washington Trust business
model prevailed. Our balance sheet continued to provide a
diverse stream of earnings and we delivered record full-year
earnings of $69.8 million, or $4.00 per diluted share. Other
key highlights for the year included:
• Total deposits were up 25% from 2019 levels, led by
•
strong in-market deposit growth
Loans totaled $4.2 billion, up 8% from the end of 2019,
with contributions from 1,782 loans originated for the
Paycheck Protection Program (PPP)
• Mortgage banking revenues totaled $47.4 million, up
220% from 2019, as both the volume of mortgage
originations and sales reached record highs
• Wealth management assets under administration reached
a record $6.9 billion, up 10% from 2019 levels
• We announced an increased dividend during the fourth
quarter, and continued a 100+ year consecutive quarterly
dividend payment
These results would be considered a triumph in any year, but
amid a pandemic, they are truly a testament to the spirit
continued on next page
Edward O. Handy III, Chairman and Chief Executive Officer
Net Income (In Millions)
$68.4
$69.1
$69.8
2018
2019
2020
Diluted Earnings (Per Common Share; In Dollars)
$3.93
$3.96
$4.00
2018
2019
2020
1
CHAIRMAN’S MESSAGE cont’d
and resilience of our dedicated team of employees who
maintained high service levels; the strength, stability and
improvement of our balance sheet; the multiple facets of our
business, which during a time with continued low interest
rates and an uncertain operating environment, enabled us to
achieve these earnings; and the loyalty and perseverance of
our customers who have trusted us to help them through
these difficult times.
Over the past year, Washington Trust fundamentally trans-
formed the way we serve our customers, while skillfully
maintaining the personalized service for which we are known.
Thanks to business continuity measures put in place prior
to 2020, we were prepared for this crisis and able to shift to
off-site operations practically overnight. Strategic technolog-
ical investments made in recent years enabled us to transi-
tion business operations quickly, securely, and flawlessly to a
remote working environment.
We changed the way we do business company-wide, creating
new processes and protocols to ensure the customer
experience was seamless across all delivery channels and
customer touchpoints. Our employees put in extra hours
to meet critical customer needs - everyone stepped outside
their workday comfort zones to lend a hand wherever and
whenever it was needed. We provided solutions to meet
our customers’ financial needs through drive-thru, digital and
telephone banking, and we maintain ongoing communications
via email, telephone, web portals and video conferences.
And, although every element of service before the pandemic
was transformed, in ways we never conceived of, our branch,
mortgage, consumer, commercial, and operations teams con-
tinued on-site processing and closing loans at a remarkable
pace and in historic numbers.
Our success in 2020 was driven by the same principles that
have guided our Corporation since 1800: our commitment to
doing the right thing, for our employees, our customers, our
community and for you, our shareholders. And, at the heart
of that commitment are the human connections we have with
one another, which we believe are more important now
Cash Dividends (Declared Per Share; In Dollars)
$2.00
$2.05
$1.76
2018
2019
2020
Total Loans (Year-end; In Billions)
$3.7
$3.9
$4.2
7%
35%
58%
2018
2019
2020
Commercial
Residential
Consumer
Total Deposits (Year-end; In Billions)
$3.5
$3.5
$4.4
30%
31%
39%
2018
2019
2020
Demand & NOW
Money Market
& Savings
Time Deposits
continued on next page
2
CHAIRMAN’S MESSAGE cont’d
than ever in this digital age and times of social distancing.
Although technology allows us to do many things remotely,
personal contact and communication have become
paramount in keeping people healthy and safe - personally,
professionally, and financially.
Our Corporation’s performance and culture truly set us
apart, and in 2020, it was an honor to be recognized by our
industry colleagues and peers. For the second consecutive
year, Washington Trust was the only Rhode Island bank to
appear on Forbes magazine’s list of Best In-State Banks. For
the 10th consecutive year, we were named one of Rhode
Island’s Best Places to Work by Providence Business News.
And, American Banker® magazine included us in their
annual list of the nation’s Best Banks to Work For, the
only Rhode Island-based institution so named.
We enter 2021 with a restored sense of hope, knowing
that, while the pandemic and economic uncertainty
continue, Washington Trust has become an even stronger,
more resilient, and versatile Corporation. We appreciate
your support and remain committed to enhancing your
value in Washington Trust.
Revenues (In Millions)
$194.4
$200.5
$226.9
7%
21%
16%
56%
2018
2019
2020
Net Interest Income
Mortgage Banking Revenues
Wealth Management Revenues
Other
Wealth Management Assets
Under Administration (Year-end; In Billions)
$5.9
$6.2
$6.9
Sincerely,
2018
2019
2020
Edward “Ned” O. Handy III
Chairman & Chief Executive Officer
Mortgage Originations
(Includes Brokered Loans as Agent; In Millions)
$1,674
$763
$945
2018
2019
2020
3
FINANCIAL HIGHLIGHTS
In thousands, except per share and ratio data
Financial Condition
Total assets
Total securities
Total loans
Allowance for credit losses on loans*
Total deposits
Total shareholders’ equity
Book value per share
Total risk-based capital ratio
Equity to assets
Operating Results
Net interest income
Provision for credit losses*
Wealth management revenues
Mortgage banking revenues
Other noninterest income
Total noninterest expenses
Income before income taxes
Income tax expense
Net income
Earnings per common share – diluted
Cash dividends declared per share
Return on average assets
Return on average equity
Net interest margin (taxable equivalent basis)
At or for the years ended December 31,
2018
2020
2019
$5,713,169
894,571
4,195,990
44,106
4,378,353
534,195
30.94
13.51%
9.35%
$5,292,659
899,490
3,892,999
27,014
3,498,882
503,492
29.00
12.94%
9.51%
$5,010,766
938,225
3,680,360
27,072
3,524,048
448,184
25.90
12.56%
8.94%
$127,444
12,342
35,454
47,377
16,611
125,384
89,160
19,331
69,829
4.00
2.05
1.22%
13.51%
2.40%
$133,414
1,575
36,848
14,795
15,437
110,740
88,179
19,061
69,118
3.96
2.00
1.34%
14.34%
2.77%
$132,290
1,550
38,341
10,381
13,392
106,162
86,692
18,260
68,432
3.93
1.76
1.46%
16.20%
3.01%
Asset Quality
Nonperforming assets to total assets
Total past due loans to total loans
Allowance for credit losses on loans to total loans*
Net loan charge-offs to average loans
0.23%
0.30%
1.05%
0.03%
0.35%
0.40%
0.69%
0.04%
0.28%
0.37%
0.74%
0.03%
This report contains certain statements that may be considered “forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results, performance or
achievements of Washington Trust may differ materially from those discussed in these forward-looking statements, as a result of, among
other factors, the factors described under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2020, as filed with the Securities and Exchange Commission and updated by our Quarterly Reports on Form 10-Q.
You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences.
These forward-looking statements were based on information, plans and estimates at the date of this report, and Washington Trust assumes
no obligation to update forward looking statements to reflect changes in underlying assumptions or factors, new information, future events
or other changes.
4
LESSONS LEARNED FROM COVID-19
Questions & Answers with Mark Gim
“We have always prided ourselves on
working as a team at Washington Trust,
and our response to the pandemic
reaffirmed that spirit of collaboration.”
Mark K.W. Gim, President and Chief Operating Officer
As COVID-19 continues to present challenges to
our communities and region, President and Chief
Operating Officer, Mark Gim, shares his thoughts
about Washington Trust’s response and resilience
during the pandemic.
How did Washington Trust successfully respond
to the pandemic?
I think about our response to the pandemic on
two levels: how quickly we were able to pivot our
operations to a largely remote workplace; and as we
did that, despite the lack of social interaction, how
we were still able to maintain a human connection
with our customers and each other. We had a solid
business continuity plan in place with the necessary
infrastructure and technology, so we were able to
transition to remote work and digitized processes
almost seamlessly in a short period of time, despite
the logistics of having hundreds of employees sud-
denly working from many different locations. We
made it a priority to meet our customers through
the channel of their choosing, whether it was in per-
son, digitally, on the phone, or via video. However, we
did not hide behind our technology. Our customers
always knew there was a person who was there for
them. It is that commitment to providing a high level of
personal service that provides value beyond the trans-
action and makes Washington Trust who we are.
What were some of the key success stories?
We have always prided ourselves on working as a
team at Washington Trust, and our response to the
pandemic reaffirmed that spirit of collaboration.
There are several instances that come to mind:
• Our handling of the rollout of the Paycheck Protec-
tion Program (PPP): The only way we could have
processed PPP applications and gotten PPP funds
into the hands of local businesses as quickly as
we did was to bring people together from every
department in the Bank. Employees quickly devel-
oped and mastered processes that were entirely
new to them and worked around the clock to
provide funds to businesses, both customers and
non-customers, in our local communities.
• Our frontline team: While the majority of our
employees worked remotely, our branch staff
remained on-site and persevered through many
challenges, including conforming to new health
and safety protocols, accommodating custom-
continued on next page
5
LESSONS LEARNED cont’d
ers for appointment-only in branch visits, and
handling increased drive-up activity. Our branch
staff’s ability to adapt, and to consistently deliver
personal financial solutions to customers with
cheerfulness and care, was truly a hallmark of
2020.
• Record mortgage volume: Continued low inter-
est rates brought us tremendous demand for
mortgage borrowing and refinancing in 2020.
While this would have been a challenge during a
normal year, the pandemic added logistical issues
like the unexpected closing of municipal offices,
the inability to perform in-person appraisals, and
the challenges of digital loan documentation.
Through it all, our retail lending and loan opera-
tions teams worked diligently to close a record
volume of mortgage loans with the speed and
quality that customers have come to expect
from us.
What changes in customer behavior did you see?
Interestingly, in a time of social distancing, we found
customers still valued connecting one-to-one with
our employees more than ever. Digital banking,
video meetings, and other technology were essential
to conducting business during the pandemic, and cus-
tomers welcomed the ease and convenience tech-
“Our employees have an authentic
connection to their customers and are
willing to take the time to understand
their needs, especially during a time of
crisis when needed the most.”
nology offers. But, when customers have questions
or concerns about significant financial goals, they
want to speak to someone they know and trust. The
desire of our employees to help their customers is
genuine, and that has never been more evident than
throughout this pandemic. This level of service has
helped us build even deeper relationships with our
customers. Customers really appreciate the personal
attention we provide and, although we are moving
forward in an age of automation and online transac-
tions, we believe the personal touch is still essential
in the delivery of financial services and solutions,
when it is clearly so important and valued.
Can you speak about the importance of
community banking?
The challenges of the pandemic revealed the
strength of having employees who live and work in
the communities they serve, which is the case with
Washington Trust. Our employees have an authentic
connection to their customers and are willing to
take the time to understand their needs, especially
during a time of crisis when needed the most. We
regularly survey our customers and, amazingly, our
Net Promoter Score, which rates customer satisfac-
tion and the customer experience, actually increased
during the pandemic. We believe that even in this
digital age, being a local community bank and provid-
ing personal service with a “human connection” still
matters and is an important differentiator for us.
What are the keys to keeping pace with
customer needs moving forward?
We must continue to listen and respond to our
customers and meet them through the channel of
their choosing, whether that be in person, digitally,
on the phone, or via video. That means keeping at
the competitive edge of technology while not
losing the personal touch that comes with
providing customized advice and service.
6
2020: LESSONS LEARNED
We reached out to various executives throughout
Washington Trust and asked them a few questions
about the challenges their teams faced during 2020:
• What were the keys to your area’s success in
2020?
• What did you learn about your customers, both
internal and external, during the pandemic?
• What did you learn about your team?
What we learned is that our success relied strongly
on the resilience and hard work of employees
throughout the Bank. And, most importantly, how
the human connection remained at the heart of
everything we accomplished, both among our
employees and with our customers, despite a year
like no one had ever experienced before.
7
COMMERCIAL BANKING
Many commercial lending customers changed the way they
do business in order to survive. Our employees were able
to quickly adapt to those changes and our flexibility
enabled us to meet the needs of those customers, during a
time when they needed us most. Whether trying to
navigate the PPP application and forgiveness process, or
working to modify loans during these tough times, our
customers looked to us as trusted advisors to get them
through. In many cases, their relationship with
Washington Trust is stronger than ever as a result
of working together through this time of crisis.
Being adaptable to change was truly the key to our
success, and hopefully will lead to the continued success
of many businesses in our community. Business customers
were able to interact with the Bank through digital
channels throughout the pandemic, particularly for the
PPP application and forgiveness process. The adoption of
digital solutions by commercial banking customers is a
positive sign, as it complements our personal service by
providing additional secure financial solutions.
“Our team performed extraordinarily well
during a period of high stress. Their level
of commitment to our customers was
amazing to watch.”
Jim Hagerty,
Chief Lending Officer
8
FINANCIAL ADMINISTRATION
Teamwork was the key to our organization’s smooth
financial operations in 2020. A dispersed workforce
heightened the importance of effective listening,
communication, and information-sharing across all business
and operational lines, as we were able to stay connected
without in-person interactions. We faced the same
challenges as most: balancing work demands, like
changes in the legal and regulatory environment, with
personal demands, and were reminded again and again that
our people go above and beyond to do what is right for
their colleagues and their company.
Strong legacy controls and a highly committed team,
willing to make personal sacrifices, positioned us to move
seamlessly to remote, digital operations. This allowed
us to help adjust the Bank’s strategies to react to the
financial impact of the pandemic, assist our colleagues with
the rollout of PPP and loan modifications, and continue
to meet all of our normal responsibilities.
“I can’t say enough about the culture of
this Bank, which so consistently promotes
and achieves a spirit of cooperation across
all business lines for the benefit of our
customers.”
Ron Ohsberg,
Chief Financial Officer
9
HUMAN RESOURCES
As the pandemic reached our area, seemingly overnight in March, more than 67%
of our workforce began working offsite. We were forced to shift to a remote and
paperless environment. This required us to rethink processes overnight, eliminating
unnecessary steps, and finding a better way to get things done. We accomplished
process re-engineering, that under normal circumstances would have taken years,
virtually overnight. We were forced to adapt to new technologies and leverage
collaboration tools. Video conferencing quickly became as common as using a tele-
phone. We learned new ways to execute documents, signoff, and provide authori-
zation. Employees across all divisions – and skill levels – were forced by necessity
to learn these new ways of doing business. Our branch teams and a small crew of
essential operations staff became our frontline heroes, continuing to service our
customers’ financial needs despite the social distancing and safety challenges. And,
we learned how to hire, onboard, and train new employees, while still instilling our
values, culture, and commitment to providing exceptional service to our customers.
During this time, our employees juggled personal and professional priorities.
Managers gave great flexibility to when work could be done, with many employees
working early mornings, late nights, and weekends to accommodate childcare and
home-schooling challenges. At the same time, we continued to see record mort-
gage volume, implemented, and originated PPP loans (and the forgiveness of those
loans), processed numerous loan deferrals, and assisted our customers while they
navigated through the crisis. Some branch employees with childcare issues were re-
deployed into functions that allowed them to work remotely. Additionally, employ-
ees across many divisions set aside their normal job responsibilities to assist with
the PPP project and increased mortgage volumes. It was literally “all hands on deck,”
and our workforce enthusiastically answered the call.
And, to help employees maintain their physical and mental health while guarding
against burnout, we stepped up our wellness program, offering activities, support,
and information to encourage healthy eating, stress reduction, exercise, and ways to
disconnect from work. Our culture has always been one of personal relationships
– both with our customers and each other. Despite the physical separation, our
employees found ways to connect socially through virtual coffee breaks, lunches, and
cocktail hours. There may have been a lot of external forces at play, but our employ-
ees were able to focus on supporting others and working as a focused and cohesive
team, with a sense of mission and accomplishment during a very unsettling time.
“While the COVID-19 crisis has been challenging, in many
ways, it is bringing out the best in our employees and our
culture. We are developing a ‘new normal’ that will create
a stronger employee and customer experience moving
forward, and we will be a better company because of it.”
Kristen DiSanto,
Chief Human Resources Officer
10
RETAIL BANKING
Our retail banking team stayed focused on providing
customers with the personal attention and service
consistency that are Washington Trust hallmarks, despite
the extraordinary challenges presented by COVID-19.
From appointment-only branch hours and increased
drive-up traffic, to the physical changes put in place at all
locations to keep employees and customers safe,
our people have been resilient and adaptable.
Though our challenges varied from staffing obstacles, to
helping customers navigate the stresses and anxieties of
changing how they banked, to the overall economic
uncertainties, at every turn, our team stepped up to help
customers navigate their financial lives. Our employees
know their customers, they understand their needs as
well as their concerns, and always do their best to exceed
customer expectations. Never was this more important
than in 2020. Through it all, our retail banking team was an
integral part of processing PPP loans for both customers
and non-customers, while continuing to reach goals for
deposit growth, referrals, and retail lending.
“Our mantra for 2020:
Business as usual in an unusual way.”
Deb Gormley,
Chief Retail Banking Officer
11
RETAIL LENDING
Early in the pandemic, as capital markets fluctuated wildly,
our retail lending team prudently managed the changing rate
environment, as well as unprecedented mortgage volume.
At the same time, our team worked diligently with
our customers, attorneys, appraisers, and recording
offices to overcome COVID-related challenges and
get applications processed quickly.
Purchasing or refinancing a home is a significant
financial decision, and despite the challenges of
working amid a global pandemic, our team worked
tirelessly to help as many borrowers as possible
during a time of record activity. Through it all,
we maintained the highest level of communication
with our customers, giving them confidence in
our ability to close their loans as quickly
and as efficiently as possible.
“Our team was unbelievable - putting in
long days and working most weekends and
holidays. They are truly dedicated and care
about serving our customers.”
Mary Noons,
Chief Retail Lending Officer
12
RISK MANAGEMENT
Long before COVID-19 arrived in the United States, our
technology teams had put us in a position to shift rapidly to
remote work at an unprecedented scale, with very little
disruption, and to react to all employees’ needs using
cloud-based technology. This allowed for much more
scalability and reliability. The smooth execution of these
changes in such a fast-moving environment helped the
credit risk team quickly establish processes to address
concerns over the pandemic’s impact on our loan portfolio.
Many of our teams stepped up to the plate, including our
project management office, which was key to managing the
Bank’s efforts with the ongoing PPP loans as well as
loan forgiveness, and our loan operations group that
handled the astonishing growth in mortgage volume.
We were able to re-engineer workflows so that
on-site presence was not entirely necessary, and
simplified our operating environment, which helped
our teams communicate effectively to get the job done.
“Hard times bring out the best in people,
and you learn just what people are capable
of doing when given the opportunity to go
above and beyond the call of duty.”
Bill Wray,
Chief Risk Officer
13
TECHNOLOGY
Prior to the pandemic, Washington Trust made
investments in hardware, software, networking gear, and
data storage capabilities that became vital to operating
in a remote working environment. The investments
in equipment and network upgrades and issuing of
laptops to all employees with critical functions was
the key to making the transition to remote work
much more seamless and effective.
Once our teams were off-site, the enablement of
cloud technology allowed applications to run
as effectively as they did on our local wide
area network. And through careful process
design changes, we were able to reduce onsite
staffing by 75%, all while maintaining critical
operational controls and service levels.
“We are far more resilient than we ever
imagined and, given our commitment to
serving our customers both internal and
external, we are far more flexible and
creative in delivering our services than
we ever thought possible.”
Jim Mignone,
Chief Information Officer
14
WEALTH MANAGEMENT
Our team’s keys to success can be summed up in
three words: collaboration, commitment and caring.
Every single team member demonstrated these
attributes in their relationships with their clients
and each other by remaining nimble, innovative,
and proactive. In wealth management, our team
discovered we have the ability to not only survive
but thrive in a remote work situation, as we
all worked to provide the best results possible
for our clients and shareholders alike.
We found new ways to conduct business across
the board, from holding virtual meetings with clients to
conducting webinars for our centers of influence.
Interestingly, the pandemic was an opportunity to
reaffirm to clients that we are active participants in
their life journey, and that we’re focused on both their
financial and personal well-being, which ultimately led
to closer, deeper relationships in a time of social distancing.
“Our employees continued to strive for
excellence in delivering strong results for
our clients, our shareholders, and each other.”
Kathi Ryan,
Chief Wealth Management Officer
15
VOLUNTEERISM &
COMMUNITY RELATIONS
Community is at the heart of everything we do at Washington Trust and the
COVID-19 pandemic has strengthened our resolve to support, assist, and
care for our customers, neighbors, and coworkers. Little did we know that,
just two and a half months into 2020, the pandemic would separate the
Washington Trust “family” and our sense of “community”
would be tested in ways we could not have predicted.
We quickly created new ways to keep the spirit of giving alive and reward
employees for their volunteerism and servant leadership. Our peanut butter drive
became a 100% online campaign and we collected donations equivalent to 11 tons
of peanut butter, bringing our 20-year total to an amazing 143 tons - enough to
make 4.5 million peanut butter sandwiches! When nonprofit organizations
announced virtual fundraising events, such as walk-a-thons, our employees
enthusiastically responded by safely participating with family members and pets.
We held environmental clean-up days but, instead of having “teams” of
employees at beaches and parks, we encouraged employees to clean
up their neighborhoods or favorite outdoor spot.
The pandemic heightened the need to provide essential services to our most
economically vulnerable neighbors, and Washington Trust responded by
contributing to the United Way of Rhode Island’s COVID Relief Fund, the Rhode
Island Free Clinic, Crossroads Rhode Island, and other nonprofits, to address the
immediate need for housing, food, healthcare and more. We also provided
grants to local minority-owned small businesses to fund the purchase
of Personal Protection Equipment, so they could keep their businesses open.
Our contribution to the Nonviolence Institute in Providence, RI, helped the
organization continue to share and practice the principles of nonviolence during
a time of tremendous social unrest and pandemic challenges. Washington Trust is
proud to serve as the nation’s oldest community bank and we believe social
responsibility defines who we are as a company and as community leaders.
“The pandemic has strengthened our spirit and
sense of community, as our desired purpose to
provide assistance, support and care for one
another is greater than ever before.”
Beth Eckel,
Chief Marketing and
Communications Officer
16
2020 AWARDS
Named as one of Rhode Island’s Best Places to
Work by Providence Business News. This marks
the tenth year in a row that Washington Trust
has been named to the list, which recognizes the
outstanding places of employment throughout
Rhode Island and Southeastern Massachusetts.
Named one of the nation’s Best Banks to Work For
by American Banker® magazine as part of its annual
list organized by the Best Companies Group.
Washington Trust is the only Rhode Island-based
institution named on the list.
Named by Forbes as the Best In-State Bank
in Rhode Island as part of its annual listing/
ranking of the best banks in each of the 50
states. Notably, Washington Trust was the
only bank selected in Rhode Island.
17
The Washington Trust Company
Executive Leadership
Washington Trust Bancorp, Inc.
Board of Directors
Edward O. Handy III
Chairman and Chief Executive Officer
Mark K. W. Gim
President and Chief Operating Officer
Ronald S. Ohsberg
Senior Executive Vice President,
Chief Financial Officer and Treasurer
Kristen L. DiSanto
Senior Executive Vice President, Chief Human
Resources Officer and Corporate Secretary
William K. Wray Sr.
Senior Executive Vice President
and Chief Risk Officer
Dennis L. Algiere
Executive Vice President, Chief Compliance
Officer and Director of Community Affairs
Debra A. Gormley
Executive Vice President and
Chief Retail Banking Officer
James M. Hagerty
Executive Vice President
and Chief Lending Officer
Maria N. Janes, CPA
Executive Vice President, Chief Accounting
Officer and Controller
Mary E. Noons
Executive Vice President and
Chief Retail Lending Officer
Kathleen A. Ryan, Esq.
Executive Vice President and
Chief Wealth Management Officer
Elizabeth B. Eckel
Senior Vice President and
Chief Marketing and Communications Officer
C. Scott Ostrowski
Senior Vice President and
Chief Audit Executive
John J. Bowen
Chancellor Emeritus, Johnson & Wales University
Steven J. Crandall
Vice President, Ashaway Line & Twine Mfg. Co.
Robert A. DiMuccio, CPA
Chairman, President and Chief Executive Officer, Amica Mutual Insurance Company
Edward O. Handy III
Chairman and Chief Executive Officer, Washington Trust Bancorp, Inc.
Constance A. Howes, Esq.
Retired Healthcare Executive
Katherine W. Hoxsie, CPA
Retired Vice President, Hoxsie Buick-Pontiac-GMC Truck, Inc.
Joseph J. MarcAurele
Retired Chairman and Chief Executive Officer, Washington Trust Bancorp, Inc.
Kathleen E. McKeough
Retired Senior Vice President of Human Resources, GTECH Holdings Corporation
Sandra Glaser Parrillo
Retired President and Chief Executive Officer of The Providence Mutual Fire Insurance Company
John T. Ruggieri
Senior Vice President and Chief Financial Officer, Gilbane Building Company, and
Vice President and Chief Financial Officer, Gilbane, Inc.
Edwin J. Santos
Retired Financial Services Executive
Officers of the Corporation
Edward O. Handy III
Chairman and Chief Executive Officer
Mark K. W. Gim
President and Chief Operating Officer
Ronald S. Ohsberg
Senior Executive Vice President, Chief Financial Officer and Treasurer
Kristen L. DiSanto
Senior Executive Vice President, Chief Human Resources Officer and Corporate Secretary
Maria N. Janes, CPA
Executive Vice President, Chief Accounting Officer and Controller
The Washington Trust Company Directors’ Advisory Council
Alcino G. Almeida
Joseph J. Kirby
Victor J. Orsinger II, Esq.
Patrick J. Shanahan Jr.
Gary P. Bennett
Edward M. Mazze
Joseph H. Potter
Neil H. Thorp
Larry J. Hirsch
James W. McCormick Jr.
H. Douglas Randall III
John F. Treanor
Barry G. Hittner
Brendan P. O’Donnell
Joyce Olson Resnikoff
John C. Warren
As of publication date
18
LOCATIONS
Branch Offices
HEADQUARTERS
23 Broad Street
Westerly, RI 02891
401-348-1200
BLOCK ISLAND, RI
Block Island Office
Ocean Avenue
Block Island, RI 02807
401-466-7710
CHARLESTOWN, RI
Charlestown Office
4137 Old Post Road
Charlestown, RI 02813
401-364-4000
COVENTRY, RI
Coventry Office
732 Tiogue Avenue
Coventry, RI 02816
401-262-3690
CRANSTON, RI
Oaklawn Avenue Office
1203 Oaklawn Avenue
Cranston, RI 02920
401-732-0049
Plainfield Pike Office
2174 Plainfield Pike
Cranston, RI 02921
401-383-8223
Reservoir Avenue Office
645 Reservoir Avenue
Cranston, RI 02910
401-946-1004
EAST GREENWICH, RI
Opening May 2021
East Greenwich Office
695 Main Street
East Greenwich, RI 02818
401-715-0280
EAST PROVIDENCE, RI
East Providence Office
587 Taunton Avenue
East Providence, RI 02914
401-383-8800
Rumford Office
330 Newport Avenue
Rumford, RI 02916
401-228-6555
JOHNSTON, RI
Johnston Office
1383 Atwood Avenue
Johnston, RI 02919
401-654-4837
*Operating as Washington Trust Mortgage Company
NARRAGANSETT, RI
Bonnet Shores Office
885 Boston Neck Road
Narragansett, RI 02882
401-782-4800
Sweet Meadows Office
20 Point Judith Road
Narragansett, RI 02882
401-782-1000
NORTH KINGSTOWN, RI
North Kingstown Office
7625 Post Road
North Kingstown, RI 02852
401-295-4700
NORTH PROVIDENCE, RI
North Providence Office
1588 Mineral Spring Avenue
North Providence, RI 02904
401-473-2921
PROVIDENCE, RI
East Side Office
229 Waterman Street
Providence, RI 02906
401-443-2800
Providence Office
156 Westminster Street
Providence, RI 02903
401-421-3600
RICHMOND, RI
Richmond Office
1200 Main Street
Wyoming, RI 02898
401-539-2427
SOUTH KINGSTOWN, RI
Wakefield Office
730 Kingstown Road
Wakefield, RI 02879
401-782-4200
WARWICK, RI
Centerville Road Office
236 Centerville Road
Warwick, RI 02886
401-739-2353
Governor Francis Office
1473 Warwick Avenue
Warwick, RI 02888
401-921-2500
WESTERLY, RI
Main Office
23 Broad Street
Westerly, RI 02891
401-348-1200
Franklin Street Office
126 Franklin Street
Westerly, RI 02891
401-348-1367
McQuade’s Marketplace
106 Main Street
Westerly, RI 02891
401-348-1201
MYSTIC, CT
McQuade’s Marketplace
14 Clara Drive
Mystic, CT 06355
860-572-2058
Commercial Banking Offices
PROVIDENCE, RI
10 Weybosset Street, Suite 100
Providence, RI 02903
401-331-5090
WARWICK, RI
236 Centerville Road
Warwick, RI 02886
401-739-2353
WESTERLY, RI
23 Broad Street
Westerly, RI 02891
401-348-1200
Mortgage Offices
WARWICK, RI
171 Service Avenue
Warwick, RI 02886
401-681-4224
GLASTONBURY, CT*
200 Glastonbury Boulevard, Suite 203
Glastonbury, CT 06033
860-430-9900
BRAINTREE, MA*
25 Braintree Hill Office Park, Suite 309
Braintree, MA 02184
781-428-7970
BURLINGTON, MA*
25 Mall Road, Suite 408
Burlington, MA 01803
781-229-2004
SHARON, MA*
One Merchant Street, Suite 102
Sharon, MA 02067
781-784-3089
WELLESLEY, MA*
62 Walnut Street, Suite 102
Wellesley, MA 02481
781-489-3175
Wealth Management Offices
PROVIDENCE, RI
10 Weybosset Street, Suite 200
Providence, RI 02903
401-654-4801
NARRAGANSETT, RI
20 Point Judith Road
Narragansett, RI 02882
401-782-1000
WESTERLY, RI
23 Broad Street
Westerly, RI 02891
401-348-1238
WELLESLEY, MA
Weston Financial Group
Wellesley Office Park
100 William Street, Suite 200
Wellesley, MA 02481
781-235-7055
NEW HAVEN, CT
Halsey Associates
One Century Tower
265 Church Street, Suite 1006
New Haven, CT 06510
203-772-0740
Customer Solutions Center
401-348-1200 or 800-475-2265
Websites
ir.washtrust.com
www.washtrust.com
www.washtrustmortgage.com
www.washtrustwealth.com
www.westonfinancial.net
www.halseyassociates.com
Ticker Symbol
NASDAQ: WASH
19
SHAREHOLDER INFORMATION
Interested in Increasing Your WASH Ownership?
American Stock Transfer & Trust Company (AST), our transfer
agent, offers the Investors Choice Dividend Reinvestment & Direct
Stock Purchase and Sale Plan, which provides an easy, efficient way
to acquire shares of Washington Trust Bancorp, Inc. common stock.
Visit ir.washtrust.com/investor-services/stock-purchase-plan, or
contact AST at 800-852-0354 for more information.
*For new shareholders, the minimum initial investment is $250. Once you are a shareholder, the minimum purchase amount is
reduced to $25.
Stock Transfer and Dividend Disbursing Agent:
American Stock Transfer & Trust Company
6201 15th Avenue, Brooklyn, NY 11219
800-852-0354 www.astfinancial.com
The Corporation’s 2021 Proxy Statement, Form 10-K and Annual Report for 2020
are available online by visiting the Corporation’s website ir.washtrust.com/proxy,
by calling the Corporation’s toll-free number at 800-475-2265 extension 1566,
or by email at investor.relations@washtrust.com.
Auditors: Crowe LLP, Livingston, New Jersey
Counsel: Goodwin Procter LLP, Boston, Massachusetts
20
ir.washtrust.com
The Corporation has an Affirmative Action Plan and is an Equal Opportunity Employer.
Washington Trust is also a member of the FDIC and an Equal Housing Lender.
Cover photo by Chris Walsh Productions