Washington Trust settles DOJ fair lending probe; to provide $7M in loan subsidies, $2M outreach

WASHINGTON TRUST BANCORP INC

Settlement resolves DOJ allegations of fair lending violations in RI from 2016-2021 without civil penalties.
Washington Trust to provide $7M in mortgage loan subsidies and $2M for community outreach over five years.
Company to open two full-service branches in specific RI census tracts, including previously announced Olneyville branch.
Washington Trust vehemently denies allegations, settled to avoid litigation expense.
Settlement subject to U.S. District Court for Rhode Island approval.

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