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Washington Trust Provides $110,000 in Financing for Purchase of The Providence American
Washington Trust Provides $110,000 in Financing for Purchase of The Providence American
Published 02-21-06
Submitted by Washington Trust Company
Peter Wells, of North Providence, owner of Buscon Associates, was formally the Regional Director of the U.S. Dept. of Veterans Affairs.
He also recently acted as a lobbyist and consultant with the Rhode Island Public Defenders Office, where he is helping them to create a community oriented defense system. Wells is also active in many non-profit and community organizations, including serving on the board of the Family Life Center and the YMCA of Greater Providence, both in Providence, R.I., and the Elizabeth Buffum Chace House, Warwick, R.I.
The Providence American, located at 131 Washington Street, has historically targeted African-American communities in Providence, East Providence, Newport and New Bedford, Mass. As the new owner of the newspaper, Wells is committed to making it a more professional publication and to broaden the target market to include a more diverse minority population, including Cape Verdeans, Latinos, Asians and Native Americans. Wells projects a circulation increase from 5,000 to 10,000 readers.
"Washington Trust is pleased to provide financing for Mr. Wells to purchase The Providence American, and we wish him the best with achieving his goals for expanding the circulation of the publication," said John C. Warren, chairman and CEO of The Washington Trust Company."
The Washington Trust Company is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including wealth management, through its offices located in Rhode Island, southeastern Connecticut and Massachusetts. Founded in 1800, the Bank is a subsidiary of Washington Trust Bancorp, Inc., whose common stock trades on The NASDAQ Stock Market(R) under the symbol WASH. Web site address: www.washtrust.com.
Copyright Business Wire 2006
