🔒New Washington Trust President Noons makes history as first woman in role

Maggie Walker in 1903 earned the distinction of being the first Black woman to establish and serve as president of a bank — the St. Luke Penny Savings Bank in Virginia.

Women have been breaking glass ceilings in banking for many years, and now longtime banker Mary E. Noons is achieving her own historic milestone.

Noons took over April 26 as president and chief operating officer of Washington Trust Bancorp Inc. and its subsidiary, The Washington Trust Co.

Noons is the first woman to serve as president in the bank’s nearly 223-year history, officials said. She reports to CEO and Chairman Edward O. “Ned” Handy III.

“It is a real honor to be the first woman,” Noons said. “There are so many talented women who work here and who have worked here in the past. So, for me to be selected, it is pretty humbling. I am excited and dedicated to making an impact.”

The Rhode Island-based bank, which was originally founded in 1800, has a growing New Haven presence. Its commercial lending office at 265 Church St., Suite 1010, opened in 2022, adjacent to its established Washington Trust Wealth Management office in Suite 1006.

It also has a residential mortgage lending office in Glastonbury.

In addition to Rhode Island and Connecticut, Washington Trust also has offices in Massachusetts.

Noons replaced Mark K.W. Gim, who recently retired. She has had several leadership roles with the company, most recently serving as senior executive vice president, retail lending.

The Rhode Island resident has about three decades of experience in professional mortgage and consumer origination, operations and leadership development. During her tenure at Washington Trust, she has assisted with the expansion of its mortgage operations from Rhode Island into greater New England.

Handy, the CEO, said Noons has made her mark by contributing to the bank’s growth, profitability and success.

“She did this through operational prowess — finding new and better ways to improve the customer experience — always keeping the customer at the forefront and mindful that each consumer has a unique story that deserves to be heard,” Handy said. “I’m confident these talents will lead us into a new chapter of excellence for both our customers and employees.”

More women leaders

In the first quarter of 2023, publicly-traded Washington Trust reported $12.8 million in profits, or 74 cents per diluted share, down about 22% from $16.5 million in profits, or 95 cents per share, in the year-ago period.

The $6.9 billion asset bank reported $81.7 million in Connecticut deposits as of June 30, 2022, according to Federal Deposit Insurance Corp. data. The bank reported 651 full-time employees as of Dec. 31, 2022.

As president and COO, Noons will oversee a significant portion of the bank’s activity, including branches, retail lending, marketing and wealth management.

Noons said she was interested in banking very early in her career. While she majored in political science, her first job out of college was as a credit analyst. She thought it would be interesting to try banking, and she got a job in lending, including originating home equity lines.

Three decades ago, when she started her banking career, there were no female bosses where she worked, she recalls.

Today, she says women are faring better and thriving in the industry. Connecticut has at least a half-dozen women leading in-state headquartered banks, such as Diane Arnold at Essex Savings Bank; Maureen Frank at New Haven Bank; Susan Shields at Milford Bank; Cynthia Merkle at Union Savings Bank; Lesa Vanotti at Torrington Savings Bank; and Lisa Griffin at Eastern Connecticut Savings Bank.

“Over the years, as I have gone to different conferences and meetings, I have seen more and more women in positions of leadership,” Noons said.

At Washington Trust, more than 62% of employees are women, and many of them are leaders of divisions, Noons said.

“That is so nice to see,” Noons said. “Because in my viewpoint, and in most people’s viewpoint, it is all about the person doing the job, not the gender of the person doing the job, and how effective the person is, no matter what race or gender or religion.”

In addition to photos of her family and beloved pets, Noons decorates her office with a large colorful map of Connecticut, Massachusetts and Rhode Island, the bank’s footprint.

Noons makes a habit of looking at that map as the bank considers areas where it might want to expand in the future.

Sense of humor

Noons has been credited with introducing new technology and processes to improve the customer experience, according to her colleagues. She has worked to speed up the mortgage approval process, for example, so customers get a faster answer about whether they have been approved.

To simplify the process, Noons evaluated each step to see where automation would work, and if steps could be eliminated.

“We are all consumers and have gone through the mortgage process,” Noons said.

In her new position, Noons said she hopes to boost efficiency even more. How? She says everyone needs to consider their current process, then ask how it can be done in the most effective way. That might mean questioning whether a particular form is needed, or if a task can be performed earlier in the process.

“That’s how you eliminate waste and unnecessary delays,” Noons said. “It is a healthy exercise for any business, not just banking.”

Noons says she is passionate about adopting fintech to make the bank even more competitive and efficient.

Another priority is making more people aware of the range of investment and financial services Washington Trust offers, she said.

Noons said she’s not only known for her banking prowess, but for bringing a sense of humor to the workplace.

“When you think of bankers you think of stuffy meetings and going into stuffy offices, that has never been me,” Noons said. “I made it a priority years ago, no matter how buttoned up some meetings might be, I was still going to be myself, and I have been true to that for 30 years. There is room for a sense of humor in almost all business.”