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Article: Westerly, R.I.-Based Washington Trust Bancorp to Acquire PierBank.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 23, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Feb. 24 -- Washington Trust Bancorp yesterday announced plans to expand its market in South Kingstown, R.I., by purchasing PierBank in a stock exchange valued at $13.7 million.
The deal, which needs shareholder and regulatory approval, is a milestone for the Westerly-based parent of The Washington Trust Co., which has been expanding in southern Rhode Island and Connecticut one branch at a time.
PierBank is tiny: it has just two branches and a fraction of Washington Trust's assets. But the purchase is the first since John C. Warren became chief executive officer three years ago.
"It's really a ...