Washington Trust Bank’s expansion into Tacoma has been years in the making.

That’s how Sarah Howard, senior vice president and team lead in the south Puget Sound region, describes the Spokane-based bank’s newest full-service financial center set to open this fall in downtown Tacoma.

Further signaling Washington Trust’s long-term investment in the South Sound is the bank's recent purchase of a $3.25 million building on Commerce Street, also in downtown Tacoma.

The expansion is part of a broader strategy to “backfill” the region, Howard says. It links Washington Trust’s longstanding presence in Seattle, Bellevue, and Marysville, Washington, with its newer office in Vancouver, Washington, which opened last November.

“The bank has done its due diligence researching the region along the I-5 corridor,” says Howard, who has 30 years of banking experience in the Puget Sound region. “There’s potential in the South Sound.”

Stu Linscott, Washington Trust’s regional president for east and south Puget Sound, echoes Howard’s comments about the bank’s long-term strategy and intentional steps into Tacoma.

“As with our other locations, we’ve tapped Tacoma and South Sound experts to staff our new location, providing customers with the local knowledge and insights they expect when making financial decisions," Linscott says in a statement.

In July, Washington Trust purchased the six-story building located at 1102 Commerce Street, a block west of its newly leased branch location at 950 Pacific and directly below the Tacoma-Pierce County Chamber.

Washington Trust likely will occupy the first two floors of the nearly 30,000-square-foot Commerce Street building—formerly the headquarters of Commencement Bank. It is currently finalizing remodeling, occupancy, and other building plans. The bank plans to operate a branch at the newly acquired building.

Howard and her 14-person team will move into the Pacific Avenue location in mid-August and officially open the branch on Monday, Aug. 25. The new Pacific Avenue branch will offer a full suite of services, including commercial, small business, mortgage, retail banking, and wealth management services.

While Washington Trust has had a presence in Puget Sound for 25 years, the branch and building acquisition represent the financial institution’s first physical locations in Pierce County, she says.

Kevin Blair, president of Washington Trust Bank, says in a statement that the bank is pleased to see its 25 years in the region culminate in a physical location in the South Sound. He contends that Washington Trust is stepping in where other financial institutions have made an exit.

“Our investment in Tacoma not only brings services closer to our valued customers in south Puget Sound communities, but fills a void for individuals and businesses in the area who have seen too many other banks consolidate or close their doors and prefer the experience that only a local, relationship-driven bank can provide.”

Howard says that being a privately held bank allows Washington Trust to prioritize and focus on the community it serves, compared to publicly traded banks, which are often beholden to shareholders and quarterly earnings. 

Howard, who previously worked for Umpqua Bank for nearly five years and Wells Fargo over 25 years, joined the company 10 months ago as the South Sound region’s second employee. She says she was drawn to work for Washington Trust Bank because she admired its ability and commitment to maintain its privately held stance for over 120 years.

“Washington Trust Bank, as a privately owned bank, allows us to answer to community and clients, not Wall Street,” Howard says.  

Four generations of the Stanton family have led the Spokane-based bank. Last year, Jack Heath became the first person outside of the Stanton family to be named CEO. Peter Stanton, the fourth generation of the Stanton family to lead the bank, transitioned from his role as CEO and chairman of the board—a position he held since 2000—to serving exclusively as the company’s executive chairman. Heath had served as president and chief operating officer of Washington Trust Bank since 2000.

Founded in 1902, Washington Trust Bank is headquartered at 717 W. Sprague, in downtown Spokane. It has $10.7 billion in assets as of June 30, according to its latest earnings report. The upcoming opening of the Pacific Avenue location marks the company’s 44th branch across Washington, Idaho, and Oregon. Within the Spokane-Coeur d’Alene region, the bank operates 19 locations, according to the Journal’s latest Banks list, published April 10.