Washington Trust announces settlement with U.S. DOJ

Washington Trust Company, the wholly owned subsidiary of Washington Trust Bancorp, announced that it has entered into a settlement agreement with the U.S. Department of Justice that resolves alleged violations of fair lending laws in Rhode Island from 2016 to 2021. The settlement does not include any civil monetary penalties. “Washington Trust vehemently denies the allegations and entered into this agreement solely to avoid the expense and distraction of potential ligation, and to allow the Bank to focus fully on serving the needs of its customers and communities,” the company stated. “We believe we have been fully compliant with the letter and spirit of fair lending laws, and the agreement will further strengthen our focus on an area that has always been important to us. Rhode Island has been home to Washington Trust for 223 years and our neighbors count on us to provide affordable loan opportunities no matter where they live,” added Edward “Ned” Handy III, Washington Trust Chairman and CEO.