The closest banks, however, were located in Providence, RI and New Haven, CT requiring long and difficult trips by horse or horse and wagon.įor the Westerly area to thrive, it needed a financial institution nearby to safeguard money, extend credit, and - most important - issue bank notes, ensuring a convenient medium of exchange. Closer to homeīy the late 1700s, a growing number of villages and mills were sprouting up along the Pawcatuck River, which flowed past Westerly into Long Island Sound and the Atlantic Ocean. They sought to establish a local financial resource to serve the people and early merchants of southern Rhode Island and southeastern Connecticut. The First Bank of the United States reflected George Washington and Alexander Hamilton’s belief that a strong banking system was essential to the young nation’s developing and expanding economy.Ī group of entrepreneurs in Westerly, Rhode Island believed the same was true for their farming and fishing community. Our bank was founded in 1800, just 24 years after the colonists declared independence and a mere nine years following the establishment of the country’s first national bank in Philadelphia. ![]() Founded in 1800 Washington Trust’s history is intertwined with America's history
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