Bank Rhode Island Offers Investment Services Through Partnerships with Leading Advisors.Business Editors PROVIDENCE, R.I.--(BUSINESS WIRE)--Jan. 30, 2001 Recognizing the investment management needs of its customers, Bank Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BARI) announced today that it has partnered with three leading investment service providers to bring its customers an array of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and products. Two of the relationships, with Baldwin Brothers This article is about the four American actors. For the group of musicians, see The Baldwin Brothers. The Baldwin brothers, Alec (born 1958), Daniel (1960), William (1963) and Stephen (1966) are four American brothers who have all become notable actors. Investment Advisors and PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Advisors, will allow the Bank to provide investment management services to high net worth individuals. The third, with Commonwealth Financial Network, will revamp re·vamp tr.v. re·vamped, re·vamp·ing, re·vamps 1. To patch up or restore; renovate. 2. To revise or reconstruct (a manuscript, for example). 3. To vamp (a shoe) anew. n. the Bank's in-branch mutual fund and stock sales and market them under the name "BARI Investment Services". "All the statistics we see on our industry show that investment management is a growing need across the board," said Bank Rhode Island President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Merrill W. Sherman. "These relationships will allow us to provide our customers with some of the best investment management services around." Baldwin Brothers is a local investment management firm founded in 1974. It has offices in both Providence and Marion, Massachusetts Marion is a town in Plymouth County, Massachusetts, United States. The population was 5,123 at the 2000 census. For geographic and demographic information on the village of Marion Center, please see the article Marion Center, Massachusetts. and approximately $1 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . PNC Advisors is a member of the PNC Financial Services PNC Financial Services (NYSE: PNC) is a U.S.-based financial services corporation, with assets of $92.0 billion. PNC operations include a regional banking franchise operating primarily in eight states and the District of Columbia, specialized financial businesses serving Group, one of the nation's largest financial services companies. Headquartered in Pittsburgh, PA, PNC Financial Advisors has more than $270 billion in assets under management. "Some people prefer to work with a large regional financial services firm and some people prefer a local boutique firm," Ms. Sherman added. "These relationships give us the luxury of offering our customers both." The relationships will also allow Bank Rhode Island to build a private banking function around the investment management services. In addition to investment management, private bank services include individual attention for banking products such as commercial and residential loans and deposit accounts. The partnership with Commonwealth Financial Network will allow the Bank to offer its customers registered products such as stocks, bonds, mutual funds and annuities. Commonwealth, a national network of independent financial professionals, will provide all account processing and account information. The BARI investment professionals, employed by Bank Rhode Island, will work out of the Bank's 13 branch locations. "The relationship with Commonwealth takes our in-branch investment program to the next level," Ms. Sherman said. "The program is now a cohesive part of the Bank and our customers will receive top-notch investment advice from people who are also trained on our banking products and services." Bank Rhode Island, a wholly-owned subsidiary of Bancorp Rhode Island, Inc., is a full-service, FDIC-insured financial institution headquartered in Providence. The Bank operates 13 branches throughout Providence and Kent Counties, as well as 58 ATMs throughout the state. As of December 31, 2000, Bancorp Rhode Island's total assets stood at $739.4 million and total deposits were $631.6 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. Investment products offered through Bank Rhode Island are not insured by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). , are not deposits or other obligations of the Bank, are not guaranteed by the Bank, and are subject to investment risks, including possible loss of the principal invested. |
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