Washington Trust Finances New Bess Eaton Coffee Shops

Washington Trust’s Commercial & Industrial Lending Group has provided real estate and equipment financing, as well as an operating line of credit to Bess Eaton Management, LLC, of Westerly, RI. David Liguori, a lifelong Westerly resident and former Bess Eaton executive, along with Don Hassel, Robin Busch, and Mary Duggan Haverly, former Bess Eaton employees and Tim Horton franchise owners, recently secured the rights to the Bess Eaton Coffee Shop Name and Intellectual Property Rights. The group plans to open coffee ad donut shops on Oak Street in Westerly, RI, on Broad Street in Pawcatuck, CT, and on Kingstown Road in Wakefield, RI in late March 2011. The original Bess Eaton Coffee Shop chain was sold to Tim Hortons doughnut shops in 2004; Tim Horton closed the local stores in late 2010.

"Washington Trust is pleased to help this group of local businessmen and women fulfill their dream of bringing a beloved business and brand back to their hometown,” stated Joseph J. MarcAurele, Chairman, President and CEO of Washington Trust. "The new coffee and donut shops will help the local economy by creating more than sixty jobs for area residents.”

"We’re excited to bring Bess Eaton back to the area,” stated David Liguori. "Our team is dedicated to making the Bess Eaton experience everything our original customers remember: high quality coffee and donut lines combined with exceptional, friendly, hometown service,” Liguori added, "While we may not be as large as the former Bess Eaton chain of 42 stores, we do hope to grow into a strong local chain in the Southern New England area.” In addition to the three planned sites, future sites are currently under negotiation.

The Bess Eaton product line will consist of the original coffee blend beverage, as well as iced coffee, donuts, bagels, muffins, breakfast sandwiches, and pastry products.

Founded in 1800, Washington Trust is the largest independent bank headquartered in Rhode Island and the oldest community Bank in the nation. Washington Trust provides commercial banking, small business banking, personal banking, mortgage banking, and wealth management and trust services to individuals and institutions throughout the Northeast. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Washington Trust is an SBA preferred lender. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ Global Select, symbol: WASH).

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