Washington Trust expands commercial banking with new institutional banking team
MWN-AI** Summary
Washington Trust has announced a strategic expansion of its commercial banking division with the formation of a dedicated institutional banking team aimed at serving independent schools, private colleges and universities, healthcare providers, human service organizations, and cultural institutions across the Northeast. This initiative is led by Gerald S. "Jerry" Algere, a seasoned banking professional with 35 years of experience in building client relationships and delivering innovative financing solutions within this sector.
Joining Algere are three well-respected members of the commercial banking industry: Omar Hazoury, Marissa Lozano, and Danuta I. Surowiec. Together, they bring a wealth of experience that Washington Trust believes will enhance its offerings and client service in the institutional banking market. Their appointment follows the recent hiring of Jim Brown as senior executive vice president and chief commercial banking officer, signaling Washington Trust's commitment to strengthening its commercial banking operations.
Ned Handy, the Chairman and CEO, emphasized that this initiative is part of Washington Trust's broader strategy to provide comprehensive and integrated financial services that cater to the specific needs of its clients. The new institutional banking team will be based in Wellesley, Massachusetts, complementing Washington Trust's existing footprint across Rhode Island, Connecticut, and Massachusetts.
Founded in 1800, Washington Trust has grown to become the largest state-chartered bank in Rhode Island and one of the foremost financial services providers in the Northeast. With a rich history of 225 years, the bank continues to focus on empowering organizations and individuals in achieving their financial goals through an extensive range of banking and wealth management services.
MWN-AI** Analysis
Washington Trust’s recent expansion into institutional banking represents a strategic move that positions the company to tap into new revenue streams within a growing sector. The introduction of the dedicated team under seasoned leader Gerald S. Algere aims to address the unique financial needs of independent schools, private colleges, healthcare, and cultural institutions in the Northeast. This niche market has significant potential, particularly as educational and nonprofit organizations increasingly seek tailored financial solutions.
The hiring of experienced professionals—Omar Hazoury, Marissa Lozano, and Danuta I. Surowiec—adds considerable expertise to the team, further enhancing Washington Trust’s ability to deliver innovative financing options. The emphasis on customer service and tailored solutions is likely to appeal to organizations that require not just capital but also responsive partnerships. In a marketplace where personalized service is valued, Washington Trust's commitment to building strong client relationships can differentiate it from larger, less flexible banking institutions.
From a market perspective, investors and stakeholders should view this expansion favorably. It signifies a proactive approach to growth and diversification, particularly in a financial climate where traditional revenue sources may be under pressure. This strategy could bolster Washington Trust's position in the regional banking landscape, especially as the demand for financing within the nonprofit sector continues to rise due to increasing operational costs and evolving mission-oriented financial needs.
Investors should monitor the performance of this new team closely, as successful execution of their strategic vision could lead to increased market share and profitability. Overall, Washington Trust's entry into institutional banking is a positive development that aligns with broader trends of specialization and client-centric service in the financial services sector. This expansion could position the bank well for sustainable growth in a competitive regional market.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
Builds on strategic leadership hire and positions company for growth
WESTERLY, R.I. , Jan. 21, 2026 /PRNewswire/ -- Washington Trust is expanding and enhancing its focus on commercial banking with the addition of a dedicated institutional banking team to serve the unique needs of independent schools, private colleges and universities, healthcare and human service providers, and cultural institutions throughout the Northeast region.
The team is led by Gerald S. "Jerry" Algere, senior vice president and managing director, institutional banking, who has 35 years of experience building and managing multibillion-dollar client banking teams at prominent financial institutions in the greater Boston area. Jerry's proven ability to develop strong client relationships and deliver innovative financing solutions for educational, healthcare and nonprofit institutions positions Washington Trust to accelerate its growth in the institutional banking market.
Joining Jerry are three talented and well-respected professionals with deep experience in the commercial banking industry: Omar Hazoury, senior vice president, institutional banking, Marissa Lozano, vice president, institutional banking, and Danuta I. Surowiec, institutional banking officer.
Together, this team brings a powerful combination of experience and expertise that will enhance Washington Trust's ability to deliver comprehensive, client-focused finance solutions for institutional organizations. Their addition follows the recent appointment of Jim Brown as senior executive vice president and chief commercial banking officer. Brown, a respected industry leader with a proven track record of building high-performing teams, joined the company in 2025 to lead the commercial banking team and help drive Washington Trust's growth.
"Jerry's team, and the great work they've done for decades, positions Washington Trust as a leader, with best-in-class service, within the nonprofit landscape," said Brown. "Highly regarded across the financial advisors and clients who seek expertise and responsiveness, we could not have found a better group to complement the whole of Washington Trust and its commitment to clients, shareholders and our communities. I've known Jerry for decades and I'm excited for the opportunity to work with him and his fantastic team."
"The addition of this team underscores our strategy to be a trusted partner and offer comprehensive services that help organizations and individuals achieve their financial goals," said Washington Trust Chairman and CEO Ned Handy. "We're strengthening our ability to deliver integrated solutions across all lines of business and a seamless banking experience for our customers—whether they need personal banking, business services, or large-scale institutional financing."
The institutional banking team, serving clients throughout the northeast, will be based in Wellesley, Mass.
Founded in 1800, Washington Trust has grown from its initial bank branch in Westerly to a regional financial services corporation offering personal, commercial and mortgage banking as well as wealth management services in Rhode Island, personal and commercial banking and wealth management in Connecticut, and commercial and mortgage banking as well as wealth management services in Massachusetts. Washington Trust currently has two offices in Rhode Island (Providence and Westerly), two offices in Connecticut (New Haven and Glastonbury) and four offices in Massachusetts (Braintree, Burlington, Sharon, and Wellesley).
ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. In 2025, Washington Trust reached a milestone of 225 years in operation, marking its commitment to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender. Washington Trust is a subsidiary of Washington Trust Bancorp, Inc., a publicly-owned holding company which trades on NASDAQ: WASH. For more information, visit the Bank's website at www.washtrust.com or the Corporation's website at ir.washtrust.com.
SOURCE The Washington Trust Company
FAQ**
How does the formation of the new institutional banking team at Washington Trust Bancorp Inc. WASH align with the bank's overall growth strategy in the commercial banking sector?
What unique challenges do independent schools and cultural institutions face that Washington Trust Bancorp Inc. WASH aims to address with its institutional banking solutions?
With the leadership of Gerald S. Algere, what specific innovations can institutional clients expect from Washington Trust Bancorp Inc. WASH in terms of financing solutions?
How does the expansion of Washington Trust Bancorp Inc. WASH's institutional banking team enhance its competitive positioning within the Northeast regional banking market?
**MWN-AI FAQ is based on asking OpenAI questions about Washington Trust Bancorp Inc. (NASDAQ: WASH).
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