Bank Rhode Island

Overview / Commentary
One Turks Head Place
Providence, RI 02903

Bank Rhode Island is headquartered in PROVIDENCE and is the 3rd largest bank in the state of Rhode Island. It is also the 366th largest bank in the nation. It was established in 1996 and as of March of 2024, it had grown to 292 employees at 22 locations. Bank Rhode Island has an A health rating.

Reviews (1)

Reasonably good small bank

Posted by: |

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.


Health Grade Components

FDIC Certificate #34147
Year Established1996
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.58%
Return on Equity - YTD5.48%
Annual Interest Income$41.3MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$3.34B$3.32B
LoansQ1 2024vs Q1 2023$2.72B$2.45B
DepositsQ1 2024vs Q1 2023$2.53B$2.52B
Equity CapitalQ1 2024vs Q1 2023$350.3MM$318.1MM
Loan Loss AllowanceQ1 2024vs Q1 2023$34.1MM$30.4MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$3.4MM$3.2MM
Real Estate OwnedQ1 2024vs Q1 2023$780K$0

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