Bank Rhode Island Launches Unique CampusMate Program.

Business Editors

PROVIDENCE, R.I.--(BUSINESS WIRE)--Feb. 12, 2002

Sending a student off to college just got a little easier with Bank Rhode Island's new CampusMate(TM) Program - a unique product that links all of a student's banking and school-based accounts, making financial management easier for students, parents and college administrators.

CampusMate, now in use at Rhode Island School of Design in Providence, meets the personal banking needs of students, streamlines the administration of student activity accounts at colleges and universities and gives parents the ability to fund all of a student's financial needs electronically.

"When we began to develop this product, we quickly realized we needed to meet the needs of students, parents and administrators," said Merrill W. Sherman, President & CEO of Bank Rhode Island. "The students needed a banking account, often for the first time in their lives and at a location remote from their homes. The parents needed to fund a number of banking and school-based accounts that could be thousands of miles away. And school administrators needed to receive and distribute funds to various student activity accounts. This product meets all those needs."

The patent pending product has three main elements. The first is a feature that can link all of a student's activity accounts. A college or university can choose which accounts it would like to include in the program, giving parents the ability to fund meal plans and bookstore accounts, and even pay tuition through automatic bank transfers or by credit card. These payments can be made either by phone or online.

The second element of CampusMate is an on-line bank account for students. The account gives students the use of a MasterCard Debit Card, free ATM access and check writing ability. Most importantly, it gives students, or parents, the ability to fund the account over the Internet or through a credit card.

Finally, CampusMate streamlines the financial administration for colleges and universities. A university gets fast, automatic deposits, electronic tracking and automated reports that can be sorted by account, parent, student or transaction for any account it wishes to add to the program. This translates to a higher level of service and convenience to both parents and students. And the product can be added to existing financial systems at the university or college.

"This program allows us to serve as a school's automated back office for a menu of accounts," Ms. Sherman added. "It interfaces with a school's current systems, so a school gets a technological solution without having to invest in additional technology. Perhaps most importantly, it allows the school to meet the parents' expectations for service."

Bank Rhode Island introduced its first CampusMate Program at Rhode Island School of Design (RISD) last Summer. The program, co-branded with the school, was geared specifically for RISD students. A RISD student designed the card and information on the program was sent to new students on an interactive CD-ROM. The CD-ROM won the Vertical Award in Financial Services from The Massachusetts Interactive Media Council. This annual award recognizes the best in interactive media.

"We are very excited to be able to offer such an innovative product," said RISD President Roger Mandle. "We've gotten very positive feedback from students, parents and administrators. More than 30 percent of the incoming freshman class has signed up for the program this first year. From an administrative standpoint, it allows us to direct our students to a much higher level of service than we could offer in the past."

"We have been looking at ways to utilize card services and all the technology that's now available to reach certain markets," Ms. Sherman said. "CampusMate is a perfect example of how you can apply technology to very specific needs and develop a very successful product."

Bank Rhode Island, a wholly-owned subsidiary of Bancorp Rhode Island, Inc., is a full-service, FDIC-insured financial institution headquartered in Providence. As of December 31, 2001, Bancorp Rhode Island's total assets stood at $862.3 million and total deposits were $670.4 million. Bancorp Rhode Island's common stock is traded on the NASDAQ National Market under the symbol "BARI" and its corporate web site is located at www.bankri.com.

This release may contain "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the company's present expectations or beliefs concerning future events. The company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic conditions and changing competition which could cause actual future results to differ materially from those indicated herein. Further information on these risk factors is included in the company's filings with the Securities and Exchange Commission.