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WESTERLY, R.We. , /PRNewswire/ — New Washington Faith Team (“Washington Trust” otherwise “the bank”), new completely possessed subsidiary from Washington Trust Bancorp, Inc. (Nasdaq: WASH), today revealed so it features registered towards the a settlement contract with new U.S. Agencies away from Justice (“DOJ”) you to eliminates alleged abuses out-of reasonable financing guidelines in the Rhode Area away from 2016 in order to 2021. The fresh payment does not include people municipal monetary punishment.
Arizona Trust vehemently denies the accusations and you will registered with the so it agreement exclusively to stop the costs and you may distraction of possible ligation, in order to allow Bank to function fully towards serving the latest demands of its users and you may teams.
“We think the audience is fully certified into the page and you can heart from fair credit laws, plus the agreement will next bolster our work on a location that always been crucial that you all of us,” stated Edward O. “Ned” Convenient III, Washington Trust President and you will President. ” Rhode Island could have been the home of Arizona Trust having 223 ages and all of our natives trust us to provide reasonable loan ventures wherever it alive.”