Rhode Island's largest independent bank has found a new way to attract not only credit card customers, but history buffs.
Since it started its South County Scenic Visa cards in September 1993, the $498 million-asset Washington Trust Co. has issued 358 new credit cards, each with a watercolor print of one of two local historical landmarks.
The program, combined with a separate special promotion of the bank's regular credit card program, has caused a surge in. the bank's overall credit card portfolio, up 41% at the end of 1993 over the previous year.
"These cards have really caught on," said bank president and chief executive officer Joseph J. Kirby.
The bank also has donated almost $2,000 to help renovate the landmarks, the Narragansett Towers and the Flying Horse Carousel of Watch Hill, contributing $5 for each now card issued.
So far, the bank has issued 243 Towers cards and 115 Carousel cards, raising $1,215 for the Towers and $575 for the carousel.
"It became a word of mouth thing. They kind of sell themselves," said Elizabeth A. Boyle, assistant vice president of marketing.
"The South County region, an amalgamation of several counties, is very different," she said. "It has its own feel and the cards seem to symbolize that. It's just a source of local pride for people to have a piece of their hometown in their pocket."
The fully functional carousel, built in 1876, is one of the oldest in the nation and was placed on the National Register of Historic Places in 1980.
Repairs to the structure, including the 20 carved wood horses, are estimated to cost about $50,000, according to Nancy Fry, president of the Watch. Hill Preservation Society.
The bank has designated its funds to be used for the horses. only, which cost about $500 each. Four horses already have been repaired by a local woodcarver.
"We thought we'd be helping the causes locally," said Mr. Kirby, who has a card for the carousel.
The Narragansett Towers, built in 1885 as part of the Narragansett casino, is the only stone archway over a major highway. It is also on the national register.
The town, which wants to restore the original cupola roof and replace the third floor balcony, already has spent more than $850,000 since 1974. Current work includes window replacement, which will cost more than $60,752.
Ms, Boyle said Washington Trust has considered adding other area landmarks, possibly offering only the scenic cards. But "you can't please everybody," she noted.
"Being the community bank, these local organizations come to us," Ms. Boyle said.
"We are the local bank. Whether it's a Little League baseball team or whether it's the historical society or any kind of group that's looking for assistance, they come to us."
