The Story of Washington Trust Bank
The Story of Washington Trust Bank
Since 1902, Washington Trust Bank has strived to provide quality service and financial stability for our customers. Four generations of Stanton family leadership later, we continue to focus on integrity and commitment to community.
As the oldest and largest privately-held commercial bank in the Northwest, with more than 40 financial centers and offices in Washington, Idaho and Oregon, we enjoy an advantage over our publicly-owned competitors. We base our decisions and policies on what’s happening right here in the Northwest—not in distant locales. Being independent, we are able to set our sights on long-term goals rather than quarterly results. We stay focused on doing the right things for our clients and our communities.
Wanting to start a bank that would offer a full line of services, J. Grier Long, a mortgage and investment specialist, Martin B. Connelly, a successful real estate man, and R.L.Webster, form Washington Trust Company.
Washington Trust begins offering what was a new idea at the time in financial services…checking accounts!
Washington Trust’s assets grow to more than one million dollars, but the country’s economy faces hard times. While scores of banks fail Washington Trust stays open and meets all withdrawals on demand.
After giving up his career as a meat packer, Mr. E.H. Stanton and his family purchase the controlling interest in Washington Trust. "Our efforts will be to make the Washington Trust Company second to none in the Inland Empire." –E.H. Stanton
Washington Trust adds a location at 715 Sprague Avenue just before the depression.
8,000 banks fail, 25% of the labor force is unemployed and business across America is at a standstill. Washington Trust, however, stays open for business six days a week and meets every request for withdrawal on demand.
After starting at the bank as an assistant messenger 22 years earlier and working his way up, Fred Stanton becomes the youngest bank president at the time, at the age of 54.
Washington Trust introduces Checkmaster—a service that allows customers to open checking accounts in person or by mail with as little as one dollar.
Washington Trust opens the first drive-in branch in the Pacific Northwest. Under Fred Stanton’s leadership the bank looks toward expansion and by the 50’s, Washington Trust is a $54 million institution with four branch offices.
The bank changes its name from Washington Trust Company to Washington Trust Bank.
Philip Stanton becomes Spokane’s youngest bank president at the age of 31. The bank installs one of the first data-processing systems in the country in a bank of its size.
Washington Trust plays an instrumental role in the success of Expo ’74, an event that helps to shape Spokane’s future. Construction starts on a sixteen-story office tower and headquarters.
The bank has accumulated assets totaling $254 million and has fourteen branches.
Washington Trust receives a prestigious governor’s award for outstanding community involvement.
Peter Stanton becomes the fourth generation in the family to be elected president of the bank at the age of 34.
Washington Trust expands into central Washington after a merger with The Columbia Bank.
Washington Trust grows again with another merger with our affiliate, Northern State Bank that extends our services to northern Idaho.
For the convenience of WTB customers, an enhancement of services begins with an expanded call center, new ATMs and a telephone bill-paying service.
Washington Trust adds convenience for our customers with the addition of our website, watrust.com.
Washington Trust begins offering online banking and bill paying products.
Washington Trust grows their presence in central Washington, the Columbia Basin, Idaho and Puget Sound. The bank receives the Inland Northwest Philanthropy Award. Jack Heath is appointed president and COO with Peter Stanton serving as Chairman and CEO.
Washington CEO Magazine selects Washington Trust as one of the “Best Companies to Work For."
Washington Trust celebrates a century of service.
Washington Trust receives the Agora Award from the Spokane Chamber of Commerce. New features and enhancements are introduced to online banking, such as free online bill payment.
Washington Trust enters the Oregon market with the opening of a Portland private banking and commercial office and expands their markets in Western Washington and Southern Idaho with openings in Bellevue and Boise.
Washington Trust becomes the lead sponsor of Spokane’s Bloomsday, the largest timed road race in the country.
Washington Trust acquires Pinnacle Bank in Beaverton, Oregon complementing our office in downtown Portland.
Washington Trust and Spokane lose a great leader, father and man, Philip Stanton at the age of 80.
Washington Trust is recognized as one of the top 100 “Best Companies to Work for in Oregon” by Oregon Business Magazine. The small business lending center is opened and becomes a preferred lender with the government’s Small Business Administration (SBA).
Washington Trust Bank introduces the WTB mobile truck, giving them the power and flexibility to easily bring their bank and brand to new and current customers.