Two hundred and twenty years. That is the length of time that the Washington Trust Company has been serving the people of southern New England. For more than two centuries, through 44 presidential administrations and the addition of 34 states to the union, Westerly’s oldest bank has continued to be a community institution.

In 1800, the Washington Bank was founded in Westerly with a total of $50,000 in capital in preparation to serve the citizens of Westerly.[1] The bank was the fourth incorporated in the State of Rhode Island, less than a decade after Providence Bank was established on October 3, 1791.[2] On June 21, 1800, the bank selected their first directors, with Rowse Babcock being named President and Arnold Clarke of Stonington chosen as the cashier.[3]

Two months later on August 22, the bank opened its doors to the public operating out of a room at the lower front of the Paul Rhodes Hotel on Broad Street at the site which would later be occupied by the Dixon House.[4] This would be the home of the bank for the next 36 years.

In the days before they began operation, the bank’s directors contracted an engraver out of New Haven named Amos Doolittle to develop the plates for the bank’s very first notes.[5] Doolittle provided three plates, one with four $1 bills, another with a $10 bill and three $5 bills, and a third with three $3 bills and a $25 bill.[6] The notes of the Washington Bank were historic due to the fact that they were the first to print an image of George Washington’s face on them.[7]

Although he was a skilled engraver when it came to lettering and scrolls, his lack of experience in portraiture was not given consideration when contracting Doolittle, resulting in some less than flattering depictions.

On June 13, 1801, less than a year after the bank opened for business, President Rowse Babcock died at the age of 55 and he was replaced shortly thereafter by board member Thomas Noyes, a distinguished officer during the Revolutionary War.[8] One notable event of Babcock’s brief presidency occurred on George Washington’s Birthday (February 22) 1801, when the Washington Bank issued its first dividend.[9]

On December 28, 1805, the bank’s founding cashier, Arnold Clarke, died leaving a vacancy for the important post. Until the beginning of the 20th century, the role of President was considered largely ceremonial in nature and the day-to-day maintenance of the bank was the responsibility of the cashier.[10] The position was not vacant for long, as it was filled shortly thereafter by Thomas Perry, a schoolmaster from Charlestown and cousin of war hero Commodore Oliver Hazard Perry.[11]

Perry’s selection was historic due in large part to the fact that it was the beginning of two centuries of Perry men serving as officers for the bank. Thomas Perry was the cashier of the Washington Bank for 21 years before being succeeded in 1826 by his son, Charles Perry Sr. who would go on to serve the bank in various capacities until his death in 1890. The selection of Charles Perry as the bank’s cashier in 1826 was a bold choice because he was just 16 years old at the time of his ascension to the post, which was what allowed him to serve the institution for such a long period of time.[12]

Charles Perry Sr. was later chosen as President in 1881, freeing up the cashier position which was then filled by his son, Charles Perry Jr. who would follow in the footsteps of his father, acting first as vice president from 1904 to 1906 before a tenure as President which lasted from 1906 to 1929.[13] Charles Perry Jr. was only the third in a long line of Perrys working for the Washington Trust Company.

Charles Jr.’s son, Arthur L. Perry held several officer positions before succeeding his father as President in 1929, and Arthur’s son, Robert B. “Bob” Perry was also named president in 1963.[14] Robert Perry’s son, Harvey C. Perry, also served as an Officer at the bank, representing the sixth generation of Perrys, as he was the great-great-great-grandson of Thomas Perry.[15]

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  1. “The Washington Trust Company of Westerly, Rhode Island” The Banker’s Magazine, vol. LXXXIII, 1911, pg. 248.
  2. Rhode Island Currency, Timeline of Rhode Island Banking, https://www.ricurrency.com/timeline-of-rhode-island-banking/.
  3. Washington Trust, Celebrating 200 Years of Service, Westerly Sun Insert, 20 August 2000.
  4. The Washington Trust Company, One Hundred Years of Banking in Westerly, (Westerly, RI, 1908).
  5. Washington Trust, Celebrating 200 Years of Service, Westerly Sun Insert, 20 August 2000.
  6. Paper Money, Sept./Oct. 1981, pg. 252.
  7. Washington Trust, Celebrating 200 Years of Service, Westerly Sun Insert, 20 August 2000.
  8. The Washington Trust Company, One Hundred Years of Banking in Westerly, (Westerly, RI, 1908), and Rhode Island Historic Cemetery Commission, Gravestone of Rowse Babcock, https://rihistoriccemeteries.org/newgravedetails.aspx?ID=361513.
  9. The Washington Trust Company, One Hundred Years of Banking in Westerly, (Westerly, RI, 1908).
  10. Cooney, Ralph Bolton, Westerly’s Oldest Witness: How Westerly and the Washington Trust Company Have Progressed Together for 150 Years, (1950), pg. 62.
  11. Cooney, Ralph Bolton, Westerly’s Oldest Witness: How Westerly and the Washington Trust Company Have Progressed Together for 150 Years, (1950), pg. 16.
  12. “The Washington Trust Company of Westerly, Rhode Island” The Banker’s Magazine, vol. LXXXIII, 1911, pg. 249.
  13. Cooney, Ralph Bolton, Westerly’s Oldest Witness: How Westerly and the Washington Trust Company Have Progressed Together for 150 Years, (1950), pg. 80.
  14. Cooney, Ralph Bolton, Westerly’s Oldest Witness: How Westerly and the Washington Trust Company Have Progressed Together for 150 Years, (1950), pg. 80.
  15. Chalk, Sandra Kersten, Washington Trust: Two Hundred Years Along the Pawcatuck, (2000), pg. 62.
  16. George Thurston and Sons Records, Rhode Island Historical Society, Mss 733 Scope.

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