RHODE ISLAND'S WASHINGTON TRUST

When Washington Trust opened its doors in 1800, John Adams was president, George Washington had died less than a year earlier and the United States was only 24 years removed from the Declaration of Independence.

At the time, southern Rhode Island was growing. Farms, fishing communities, merchants and mills were developing around the Pawcatuck River, but residents had limited access to financial services.

"There were institutions in Providence and New Haven, but really nothing in the local communities," said Michelle Kile, Washington Trust's executive vice president and chief retail banking officer.

Reaching the nearest bank required a lengthy trip by horse or wagon. Local entrepreneurs petitioned the Rhode Island legislature to establish a bank closer to home—one that could safeguard money, extend credit and issue bank notes.

"Our founders had a clear vision," Kile said.

Washington Bank Charter from the Rhode Island Legislature in 1800

The Washington Bank opened in Westerly on Aug. 22, 1800. Named in honor of the nation's first president, the institution is now recognized as the country's oldest community bank.

Its connection to George Washington extended beyond its name.

"We were one of the first institutions to put the likeness of George Washington on a piece of currency," Kile said.

Standardized federal paper currency did not yet exist as it does today. Instead, state and local banks printed and circulated their own bank notes. Washington Trust says it was the first bank to place Washington's likeness on currency—69 years before he appeared on a federally issued one-dollar bill.

Washington Trust celebrated its 225th anniversary in 2025. The company has grown from a small room in Westerly to 28 retail banking branches across Rhode Island and Mystic, Connecticut, along with mortgage and wealth-management offices in Rhode Island, Massachusetts and Connecticut.

The bank is continuing that growth with its 29th branch planned for Pawtucket and its 30th location in Bristol.

To read the complete article, see:
Washington Trust: The Rhode Island bank serving its community since 1800 (https://turnto10.com/news/local/washington-trust-the-rhode-island-bank-serving-its-community-since-1800-america-250-sept-3-2026)

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