Bank Rhode Island is headquartered in Providence and is the 3rd largest bank in the state of Rhode Island. It is also the 333rd largest bank in the nation. It was established in 1996 and as of June of 2020, it had grown to 310 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 Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34147 |
| Year Established | 1996 |
| Employees | 310 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.21% |
| Return on Equity - YTD | 1.78% |
| Annual Interest Income | $48.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $3.15B$2.40B |
| Loans | Q2 2020vs Q2 2019 | $2.33B$1.87B |
| Deposits | Q2 2020vs Q2 2019 | $2.33B$1.79B |
| Equity Capital | Q2 2020vs Q2 2019 | $338.6MM$317.0MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $32.0MM$17.6MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $13.0MM$16.8MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$201.00K |
