Item 2. Properties
ITEM 2. Properties.
Washington Trust’s headquarters and main office is located at 23 Broad Street, in Westerly, in Washington County, Rhode Island.
As of December 31, 2022, Washington Trust conducts business from 10 branch offices located in southern Rhode Island (Washington County), 14 branch offices located in the greater Providence area in Rhode Island and 1 branch office located in southeastern Connecticut. In August 2022, we opened a new full-service branch in Cumberland, Rhode Island. In addition, we announced that we submitted applications to establish a branch office in three northern Rhode Island locations in 2023 to further expand our branch footprint and serve the broader Rhode Island community. The three branch offices will be located in Barrington, Providence and Smithfield, Rhode Island and are subject to federal, state, local, and regulatory approvals.
In addition, there are a number of offices not associated with a branch office location. Washington Trust has 6 residential mortgage lending offices that are located in eastern Massachusetts (Sharon, Burlington, Braintree and Wellesley); in Glastonbury, Connecticut; and in Warwick, Rhode Island. Washington Trust also has an executive office, commercial lending office and wealth management services office in the financial district of Providence, Rhode Island; and 2 additional wealth management services offices located in Wellesley, Massachusetts and New Haven, Connecticut. In July 2022, we opened a new commercial lending office in New Haven, Connecticut. Additionally, Washington Trust has an employment
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and training center and two operations facilities located in Westerly, Rhode Island, as well as a loan servicing facility in Stonington, CT.
At December 31, 2022, 10 of the Corporation’s facilities were owned, 28 were leased and 1 branch office was owned on leased land. Lease expiration dates range from 7 months to 25 years, with additional renewal options on certain leases ranging from 3 years to 5 years. In addition, the Bank has 1 owned offsite-ATM in a leased space. All of the Corporation’s properties are considered to be in good condition and adequate for the purpose for which they are used.
The Bank also brands ATMs located in retail stores and other locations primarily in Rhode Island and to a lesser extent in southeastern Connecticut. These ATMs are operated under contracts with a third-party vendor.
See Notes 6 and 7 to the Consolidated Financial Statements for additional information regarding premises and equipment and leases.
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