Bank Rhode Island Shareholders Approve Holding Company.Business Editors PROVIDENCE Providence, city (1990 pop. 160,728), state capital and seat of Providence co., NE R.I., a port at the head of Providence Bay; founded by Roger Williams 1636, inc. as a city 1832. , R.I.--(BUSINESS WIRE)--May 19, 2000 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) today announced that its plan to form a bank holding company was approved by shareholders at the Bank's Annual Meeting on May 17. The formation is expected to be completed during the third quarter. Once formed, the new holding company, Bancorp Rhode Island, Inc., will become the parent company of Bank Rhode Island. The change will have no effect on the Bank's customers or their accounts. The formation is still awaiting state regulatory approval. Once approved, shares in Bank Rhode Island will be exchanged automatically for shares in the new holding company. Bank Rhode Island President and 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 Mer·rill , James 1926-1995. American poet whose works include Divine Comedies (1976), which won a Pulitzer Prize. W. Sherman said the formation of a holding company will give the bank greater financial flexibility in the future. Bank Rhode Island is a full-service, FDIC-insured financial institution headquartered in Providence. The Bank operates 13 branches throughout Providence and Kent Counties. As of March 31, 2000, the Bank's total assets stood at $659.3 million and total deposits were $552.8 million. The bank's common stock is traded on the NASDAQ National Market under the symbol "BARI." |
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