Rhode Island's oldest bank is planning to buy one of the state's newest.

Washington Trust Bancorp, the parent of 199-year-old Washington Trust Co., said this week that it has an agreement to acquire PierBank for $13.7 million in stock.

The deal is expected to close this year.

South Kingstown-based PierBank, founded in 1989, has $59 million of assets. Washington Trust, based in Westerly, has $935 million

PierBank would be merged into Washington Trust, which said it hopes to retain most of PierBank's 38 employees. PierBank's president, Joseph E. LaPlume, would be named to a key management position, Washington Trust said.

- Alan Kline

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