Bank Rhode Island is headquartered in Providence and is the 3rd largest bank in the state of Rhode Island. It is also the 355th largest bank in the nation. It was established in 1996 and as of December of 2019, it had grown to 303 employees at 20 locations. Bank Rhode Island has an A+ health rating.
Reasonably good small bank
BankRI emphasizes for anyone who maintains a low balance in their checking account the need to open an overdraft, which is no-fee and just incredibly helpful for preventing the accrual of lots of fees if you bounce a check. The savings product I was enrolled in only allowed a couple of transfers a month, which seems strange since it was not tied to an investment or a high-yield account; now it has been converted into a second checking account. I would have preferred a simple traditional savings account with unlimited withdrawals and some sort of ability to accrue interest. The account fees run $6.99 a month each, with seems quite high. I try to avoid the Atwood Avenue branch because it had an issue with mold/mildew and set off my asthma.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34147 |
| Year Established | 1996 |
| Employees | 303 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.02% |
| Return on Equity - YTD | 7.84% |
| Annual Interest Income | $99.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $2.54B$2.34B |
| Loans | Q4 2019vs Q4 2018 | $1.94B$1.82B |
| Deposits | Q4 2019vs Q4 2018 | $1.96B$1.71B |
| Equity Capital | Q4 2019vs Q4 2018 | $335.4MM$299.8MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $17.8MM$17.5MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $12.4MM$15.1MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $0$401.00K |
