Washington Trust
Washington Trust Bancorp (NASDAQ: WASH) is the holding company for the oldest community bank in the U.S. (founded 1800), operating 29 branches across Rhode Island, Connecticut, and Massachusetts with $6.5 billion in assets. It provides retail banking, mortgages, commercial real estate and C&I lending, merchant services, and wealth management to consumers, small businesses, institutions, and HNW clients.
- Company typePublic
- Founded1800
- HeadquartersWesterly, United States
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What Washington Trust does
Washington Trust Bancorp, Inc. (NASDAQ: WASH) is the holding company for The Washington Trust Company, the oldest community bank in the nation, founded in 1800 and headquartered at 23 College Street in Westerly, Rhode Island. The bank operates 29 full-service branches across Rhode Island, Connecticut, and Massachusetts, serving retail consumers, students, small and medium businesses, commercial real estate borrowers, institutional clients (education, healthcare, nonprofit), and high-net-worth individuals through its Wealth Management division. As of March 31, 2026, total assets stood at $6.5 billion with a market capitalization of approximately $680 million.
The company delivers a full-service banking platform spanning multiple checking tiers (Simply Free, Freedom, Freedom Plus, Freedom Ultra, Student Checking), CDs, savings and money market accounts, residential mortgages (fixed, ARM, construction, FHA, VA, reverse), home equity lines, commercial real estate and C&I lending, cash management, merchant services via Clover/Fiserv, and wealth management (estate planning, trust administration, investment management). Its technology stack is built around an integrated digital banking platform providing unified online and mobile experiences with mobile check deposit, Zelle, Apple Pay/Google Pay/Samsung Pay, CardValet, Savvy Money credit monitoring, ClickSWITCH account migration, Add-It-Up round-up savings, and CDARS multi-million-dollar FDIC insurance. Core banking processing is provided by Fiserv.
Washington Trust earns revenue primarily through net interest income (Q1 2026 net interest margin of 2.63%) on its loan and securities portfolio, supplemented by mortgage banking fees, wealth management advisory fees, commercial banking fees (cash management, institutional banking), and deposit/account-related fee income (overdraft, debit card, merchant services). It serves customers through a hybrid go-to-market combining its branch network, dedicated commercial and institutional banking teams, the Wellesley-based institutional banking office, and digital self-service channels. The bank maintains a 43-consecutive-year track record of dividend payments (6.5% Q2 2026 yield) and has been recognized by Forbes as one of America's Best-In-State Banks for eight consecutive years.
Washington Trust firmographics
Firmographics- Name
- Washington Trust
- Legal name
- Washington Trust Bancorp, Inc.
- Website
- https://washtrust.com
- Company type
- Public
- Founded year
- 1800
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Washington Trust Bancorp (NASDAQ: WASH) is the holding company for the oldest community bank in the U.S. (founded 1800), operating 29 branches across Rhode Island, Connecticut, and Massachusetts with $6.5 billion in assets. It provides retail banking, mortgages, commercial real estate and C&I lending, merchant services, and wealth management to consumers, small businesses, institutions, and HNW clients.
- Ownership category
- akta.pro rank
Washington Trust industry classification
Industry- Product category
- Community Banking
- NAICS
- Depository Credit Intermediation (5221), Trusts, Estates, and Agency Accounts (52592), Portfolio Management and Investment Advice (523940)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Private Banking Lending (Securities-Backed, Real Estate, Structured Credit) (FSABADAE)
- akta.pro secondary industries
- Personal & Family Trust Services (FSAAANAA), Estate Planning, Trust Structuring & Governance (FSAAADAF)
Keywords
Where Washington Trust is headquartered
LocationHeadquarters
- HQ city
- Westerly
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
Washington Trust business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Net Interest Income: Interest earned on loans (commercial, residential mortgage, consumer) minus interest paid on deposits. Primary revenue driver with net interest margin of 2.63% in Q1 2026
- Mortgage Banking Revenue: Origination and servicing of residential mortgage loans including conventional, FHA, VA, and construction mortgages
- Wealth Management: Estate planning, trust administration, investment management, and comprehensive financial advisory services. Grown through acquisition of Lighthouse Financial Management and strategic hires
- Commercial Banking Fees: Commercial real estate lending, C&I loans, cash management services, and institutional banking services for nonprofits, healthcare, and education
- Deposit and Account Fees: Various fee income from checking accounts, debit cards, overdraft protection services, and merchant services including Clover payment processing
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Student Checking - Fee-free banking for students with no overdraft fees or minimum balances until age 23 |
| Subscription | Monthly | Simply Free Checking - Fee-free checking with no overdraft fees, monthly fees, or minimum balances |
| Subscription | Monthly | Freedom Checking - Basic checking with digital banking tools |
| Subscription | Monthly | Freedom Plus Checking - Relationship-based checking with enhanced features based on total banking relationship |
| Subscription | Monthly | Freedom Ultra Checking - Premium checking for high-balance customers with best rates and maximum perks |
| One time/ perpetual license | Pay-as-you-go | 6-Month CD at 3.30% APY |
| One time/ perpetual license | Pay-as-you-go | 9-Month CD at 3.25% APY |
| One time/ perpetual license | Pay-as-you-go | 8-Month CD at 3.35% APY |
| One time/ perpetual license | Pay-as-you-go | 13-Month Add-On CD at 3.35% APY |
| Subscription | Monthly | Freedom Statement Savings |
| Subscription | Pay-as-you-go | Quarterly Dividend |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Washington Trust product offering
Product offeringCore offering
Washington Trust is a community bank offering deposit products (checking, savings, CDs), consumer and commercial lending (mortgages, home equity, commercial real estate, C&I), cash management and merchant services for businesses, and wealth management including trust, estate planning, and investment advisory services. The bank operates across Rhode Island, Connecticut, and Massachusetts through branch locations and integrated digital banking channels, generating revenue primarily through net interest income on loans and fee-based services.
Product overview
Washington Trust operates as a regional community bank offering a comprehensive suite of banking products across personal, commercial, and wealth management segments. The core banking platform includes multiple checking account tiers (Simply Free, Freedom, Freedom Plus, Freedom Ultra, and Student Checking) with varying fee structures and benefits. Mortgage products span conventional, adjustable-rate, construction, FHA, VA, and reverse mortgages. Commercial banking encompasses real estate financing, C&I lending, cash management, and Clover-powered merchant services. Digital banking is fully integrated across online and mobile platforms. Value-added services include Add-It-Up savings round-ups, ClickSWITCH account migration, and CDARS for enhanced FDIC coverage. Wealth Management provides investment and trust services through a dedicated division. The bank distinguishes itself as the oldest community bank in the nation (founded 1800), operating across Rhode Island, Connecticut, and Massachusetts with 29 branches.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Checking Accounts Multiple checking account options including fee-free Simply Free Checking (no overdraft, monthly, or minimum balance fees) and tiered Freedom Checking, Freedom Plus Relationship Checking, and Freedom Ultra premium tier. Designed for individual consumers and families with varying balance and feature needs.
- Student Checking Checking account for students with no overdraft fees, no minimum balance, no monthly fee until age 23, and financial education resources. BankOn Certified and includes access to digital banking and savings options.
- Savings Accounts, CDs, and Money Market Accounts Personal savings vehicles including Freedom Statement Savings at 3.00% APY, money market accounts, and certificates of deposit across multiple terms with promotional rates (e.g., 6-Month CD at 3.30% APY, 8-Month CD at 3.35% APY, 9-Month CD at 3.25% APY, 13-Month Add-On CD at 3.35% APY).
- Residential Mortgages Residential mortgage products including Fixed Rate Mortgages, Adjustable-Rate Mortgages, Construction Mortgages, FHA Loans, VA Loans, and Reverse Mortgages. Supports first-time homebuyers, veterans, current homeowners, and those building new homes across the bank's footprint.
- Home Equity Lines and Loans Credit lines and loans secured by home equity for various personal financial needs including home improvements, debt consolidation, and major expenses. Available to current homeowners.
- Personal Loans Personal installment loans offered to individuals for general borrowing needs.
- Personal Credit Cards Personal credit card products for individual consumers.
- Digital Banking Platform Integrated online and mobile banking platform with mobile check deposit, Zelle P2P payments, bill pay, account alerts, secure messaging, mobile wallet support (Apple Pay, Google Pay, Samsung Pay), CardValet debit card controls, and Savvy Money credit score monitoring.
- Business Checking Accounts Commercial checking accounts designed for businesses of various sizes, paired with digital banking access and cash management capabilities.
- Business Savings Accounts Deposit accounts tailored to businesses for cash management and short-term reserves.
- Commercial Real Estate Financing Loans for commercial property acquisition, development, refinancing, and construction across New England. Covers construction-to-permanent financing for office, retail, mixed-use, and multifamily projects. Notable transactions include a $51.17M financing for the largest office-to-residential conversion in Massachusetts history at 10 Chestnut Street, Worcester, and a $12.4M financing for a retail plaza in Norwalk, Connecticut.
- Commercial and Industrial (C&I) Lending Loans for business operations, equipment, working capital, expansion, SBA lending, and other commercial financing needs. Includes high single-digit growth projected for 2026.
- Cash Management Services Treasury management solutions for businesses, including fraud protection, remote deposit capture, and account management tools, accessible through the business digital banking platform.
- Merchant Services (Clover) Payment processing solutions powered by Clover technology for business merchants. Provides secure, PCI-compliant contactless, mobile, and online payment methods with next-business-day deposits.
- Digital Business Banking Online and mobile banking platform dedicated to business customers for managing accounts, processing payments, and accessing financial tools including cash management features.
- Institutional Banking Services Dedicated banking services and lending for educational, healthcare, and nonprofit institutions across the Northeast region, delivered by the institutional banking team based in Wellesley, Massachusetts.
- Private Clients Group Premium banking and lending services for high-net-worth individuals, including personalized financial solutions and dedicated relationship management.
- Securities-Based Lending Loans secured by investment portfolios, providing liquidity to clients without requiring them to liquidate assets.
- Commercial Credit Cards Business credit card products for commercial clients' purchasing and expense management needs.
- Wealth Management Comprehensive wealth management services offered through Washington Trust Wealth Management (and Washington Trust Advisors), including investment management, trust administration, and estate planning. Capabilities were expanded via the acquisition of Lighthouse Financial Management.
- Bank @ Work On-site banking services and financial wellness programs delivered to employer locations for the benefit of employee populations.
- Mortgage Banking Services Origination and servicing of residential mortgage loans (conventional, FHA, VA, construction) operated through Washington Trust Mortgage Company LLC (NMLS #901927), a wholly owned mortgage subsidiary of The Washington Trust Company.
- Add-It-Up Savings Program Automatic savings program that rounds up debit card purchases to the nearest dollar and deposits the difference into a designated savings account.
- CDARS (Certificate of Deposit Account Registry Service) Service providing multi-million dollar FDIC insurance coverage through the IntraFi network of participating banks, enabling large depositors to access FDIC coverage beyond standard $250,000 limits.
Quantifiable outcome
- 43 consecutive years of dividend payments demonstrating financial stability
- +5 more outcomes
Companies that use Washington Trust
Customer profileNamed customers6 records
Segments6 records
Ideal customer profiles5 records
Washington Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature6 records
Washington Trust partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- Clover (Fiserv)coreClover technology integrated into Washington Trust's business banking services to enhance digital payment options for merchants. Provides secure, PCI-compliant transactions including contactless, mobile, and online payment methods with next-business-day deposits.
- MassDevelopmentcoreMassDevelopment contributed a $3.6 million tax credit bridge loan through its Housing Development Incentive Program (HDIP) to support the $51.17 million financing package for the largest office-to-residential conversion in Massachusetts history at 10 Chestnut Street in Worcester.
- OCP Worcester Owner LLC (Synergy Investments)coreDeveloper partner for Worcester office-to-residential conversion project. Synergy Investments is transforming One Chestnut Place (10 Chestnut Street) into 198 residential units with Washington Trust providing $47.57 million of the $51.17 million total financing.
- CDARS Network (Promontory Interfinancial Network)coreCertificate of Deposit Accounts Registry Service providing multi-million dollar FDIC insurance through participating network banks. Enables large depositors to access coverage beyond standard $250,000 FDIC limits while funds support local lending.
- Early Warning Services (Zelle)coreReal-time payment network integration enabling customers to send and receive money using mobile numbers or email addresses through digital banking.
- Visa/MasterCardcoreDebit card network partnership enabling Apple Pay, Google Pay, Samsung Pay mobile wallet integration and CardValet fraud protection services.
- FiservcoreCore banking technology provider for digital banking platforms, business banking, and processing services including CardValet fraud protection.
- Education Design LabminorPartnership through CCRI Banking Micro-Pathway program along with Citizens Financial Group, Bank of America, Centreville Bank, Washington Trust, BankForward, BankNewport, and Rhode Island Bankers Association Foundation to prepare students for banking careers.
- AARPminorBankSAFE training program provider helping financial institutions including Washington Trust detect and prevent elder financial exploitation through staff training.
Scale indicators10 records
Recent moves8 records
Expansion highlights6 records
Washington Trust competitors and assessment
Company assessmentDirect peers
- BankNewport: Rhode Island-based community bank offering retail, mortgage, business banking, and wealth management across Rhode Island and eastern Massachusetts. Directly comparable as a similarly sized New England community bank with a multi-product model and branch-led distribution.
- Centreville Bank: Mutual savings bank headquartered in West Warwick, Rhode Island, providing consumer and commercial banking across RI and nearby MA/CT markets. Closely comparable footprint, customer base, and community-bank positioning to Washington Trust.
- Berkshire Hills Bancorp (Berkshire Bank): New England-focused regional bank (formerly Boston Private) offering retail, commercial, and wealth management across the Northeast. Comparable scale, multi-state New England footprint, and similar mix of commercial real estate and wealth services.
- Brookline Bancorp: Greater Boston and New England community-oriented bank holding company with retail, commercial, and wealth management businesses. Highly comparable in size, regional concentration, and product breadth.
- Independent Bank Corp (Rockland Trust): Massachusetts-based community bank holding company operating as Rockland Trust across southeastern New England. Directly comparable in scale, geographic footprint (MA/RI), and community-bank commercial/retail model.
- BayCoast Bank: Massachusetts and Rhode Island community bank providing consumer and commercial banking services. Comparable in size, footprint, and relationship-based community banking model.
- HarborOne Bank: New England community bank headquartered in southeastern Massachusetts with retail, commercial, and residential mortgage operations. Comparable scale, geographic overlap, and product mix to Washington Trust.
Broad incumbents
- Webster Financial Corporation: Mid-sized regional bank holding company with commercial, retail, and wealth operations across the Northeast. Comparable commercial banking and wealth management offerings but at materially larger scale than Washington Trust.
- Citizens Financial Group: Large regional bank with deep presence across New England, offering retail, commercial, wealth, and institutional banking. Overlaps heavily with Washington Trust's geography and customer segments but at significantly greater scale.
Regional players
- Coastal1 Credit Union: Rhode Island-based credit union offering retail banking, mortgages, and business services across the same core Rhode Island market as Washington Trust. Competes directly for retail deposits and consumer loans in Washington Trust's home market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Washington Trust social profiles
Digital presenceWashington Trust compliance and trust
Trust signalCompliance6 records
Washington Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
Washington Trust leadership team
Management profileNumber of profiles
Profiles10 records
Washington Trust subsidiaries and ownership
Company hierarchySubsidiaries3 records
Washington Trust funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Washington Trust M&A and investment
M&A and investmentM&A
Investments12 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Washington Trust
What does Washington Trust do?
Washington Trust is a community bank offering deposit products (checking, savings, CDs), consumer and commercial lending (mortgages, home equity, commercial real estate, C&I), cash management and merchant services for businesses, and wealth management including trust, estate planning, and investment advisory services. The bank operates across Rhode Island, Connecticut, and Massachusetts through branch locations and integrated digital banking channels, generating revenue primarily through net interest income on loans and fee-based services.
Is Washington Trust a public or private company?
Washington Trust is a public company. It is classified as public and is currently operating.
When was Washington Trust founded?
Washington Trust was founded in 1800. It employs 501 to 1,000 people.
Where is Washington Trust based?
Washington Trust is headquartered in Westerly, United States, in the North America region.
How does Washington Trust make money?
Five revenue lines are on record. Net Interest Income is the primary driver. The others are mortgage Banking Revenue, wealth Management, commercial Banking Fees and deposit and Account Fees.
Who are Washington Trust's main competitors?
Direct peers on record are BankNewport, Centreville Bank, Berkshire Hills Bancorp (Berkshire Bank), Brookline Bancorp, Independent Bank Corp (Rockland Trust), BayCoast Bank and HarborOne Bank. Broad incumbents are Webster Financial Corporation and Citizens Financial Group. Coastal1 Credit Union is listed as a regional player.
Does Washington Trust have an API?
No public API is recorded for Washington Trust.
What industry is Washington Trust in?
Washington Trust's product category is Community Banking. Its primary akta.pro industry code is FSABADAE, Private Banking Lending (Securities-Backed, Real Estate, Structured Credit), with a secondary code of FSAAANAA, Personal & Family Trust Services. Its NAICS code is 5221 and its SIC code is 6022.