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Washington Trust appoints new president, financial officer

WESTERLY — Edward “Ned” O. Handy III has been appointed president and chief operating officer of the Washington Trust Company. David V. Devault, of Westerly, a 27-year employee of the bank, has been named vice chairman, secretary and chief financial officer.

Joseph J. MarcAurele will continue to serve as the corporation’s chairman and chief executive officer.

Handy joins Washington Trust from Citizens Bank, where he has served as president of Citizens Bank, Rhode Island, since 2009 and president of Citizens Bank, Connecticut, since 2010, both divisions of RBS Citizens, N.A. He will assume his new position in late November.

“Ned is well known within the industry and brings a wealth of regional banking experience to Washington Trust,” MarcAurele said in a statement. “As a Rhode Island native, Ned is an active community leader and is dedicated to the same principles that have made Washington Trust one of the premier banks in the nation for more than 213 years.”

Handy began his banking career as a commercial banker with Fleet National Bank. Over the past 27 years, he has held various positions of increasing authority, including serving as president and CEO of Citizens subsidiary Charter One Bank of Ohio and as head of Citizens national commercial real estate finance division. Additionally, he served as a member of Citizens’ Executive Leadership Group.

A Brown University graduate, Handy serves on numerous Rhode Island boards, including Rhode Island Foundation, Crossroads Rhode Island, Delta Dental of Rhode Island, Rhode Island Hospital Foundation, Providence Foundation, Greater Providence Chamber of Commerce, and Downtown Providence Parks Conservancy. He also serves as a member of the Providence College Presidents Council, Salve Regina University Presidents Council, and the Rhode Island Commodores.

Handy and his family are residents of East Greenwich.

In addition to Handy’s appointment, the corporation announced Devault’s promotion.

“David has been instrumental in the corporation’s successful growth during his 27-year tenure, and will continue to be a valuable part of our leadership team,” MarcAurele said.

Devault oversees the corporation’s financial affairs, governance matters, and investment community relations. He is also responsible for managing various operational areas within the organization.

A University of Massachusetts graduate, Devault served with the public accounting firm of KPMG in Providence from 1976 to 1986 when he joined Washington Trust. Over the years, he has held various leadership positions, most recently serving as senior executive vice president, secretary and chief financial officer.

Devault currently serves as a director of the Ocean Community YMCA. He previously served as chairman of the Rhode Island State Alliance of YMCA’s, chairman of the Providence Chapter of Financial Executives International, and chairman and chief volunteer officer of the Westerly-Pawcatuck YMCA.

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