Washington Trust Bancorp in Westerly, R.I., has agreed to buy Halsey Associates, an investment advisory firm in New Haven, Conn.

The $3.6 billion-asset Washington Trust will pay an undisclosed amount of cash and stock for Halsey in a deal that is expected to close in the third quarter.

Halsey, which has more than $850 million in assets under management, specializes in serving high-net-worth families, corporations, foundations and endowment clients, particularly in Connecticut and New York City.

Washington Trust said in a press release Tuesday that it should have $6 billion in assets under administration when the deal is completed.

"The Halsey acquisition is a significant strategic initiative... and should further enhance our reputation as one of the premier wealth management firms and financial institutions in the region," Joseph MarcAurele, Washington Trust's chairman and chief executive, said in the release. "We've had great success to date with our mortgage banking and commercial lending activities in Connecticut, and a wealth management presence in New Haven should provide additional opportunities."

Washington Trust was advised by Sandler O'Neill. Halsey was advised by Silver Lane Advisors.

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