Sam Wood, Author at Providence Business News

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THE FEDERAL RESERVE recently announced that all 23 of the biggest U.S. banks passed its "stress test," but some say that doesn't mean banks are prepared for an economic crisis. / AP FILE PHOTO/ANDREW HARNIK

Bank ‘stress tests’ by Fed may have overlooked weaknesses in system

Economy 07/14/2023

The 23 largest banks in the U.S. – including Providence-based Citizens Financial Group Inc. – recently passed the Federal Reserve’s “stress test,” but some...

147-turbine offshore wind project suffers another setback

Economy 07/13/2023

PROVIDENCE – A significant Massachusetts offshore energy project faces additional headwinds following a decision Thursday by a Rhode Island state agency to not issue...

CFPB launches probe into costly credit cards pushed on patients for...

Financial Services 07/10/2023

WASHINGTON – Three federal agencies last week launched an investigation into high-cost specialty financial products – such as medical credit cards and installment loans...

Citizens Financial Group announces preliminary Stress Capital Buffer

Financial Services 07/10/2023

PROVIDENCE – The Federal Reserve’s 2023 preliminary stress test of Citizens Financial Group Inc., found the that the banking institution’s Stress Capital Buffer stands...

Bristol County Savings Bank holds second annual volunteer day

Financial Services 07/10/2023

TAUNTON – Bristol County Savings Bank held its second annual BCSB CARES: Employee Volunteer Day on June 28. More than 280 employees spent the...

Centreville Bank awards $10,000 to local scholars

Financial Services 07/10/2023

WEST WARWICK ─ The Centreville Bank Charitable Foundation on June 26 announced the 2023 recipients of the Robert O. Pare College Scholarship. Amyah Bishop of Pawtucket and Lillian Sharpe of...

STILL STANDING:  There is vacant office space in downtown Providence, but people in the local commercial real estate sector say landlords and banks haven’t reached a crisis level as others have nationwide.  PBN PHOTO/MICHAEL SALERNO

SHAKY GROUND: Distressed office real estate could undermine banks, wider economy

Cover Story 07/07/2023

The former mayor of Providence is distressed. When Joseph R. Paolino Jr. walks through the city’s financial district, he’s anxious about what he sees. He...

FRESH START: Philadelphia development company Scout Ltd. is revitalizing a building at 50 Sims Ave. in Providence. From left are Kelley Gerrard, creative marketing director; Lindsey Scannapieco, managing partner; and Everett Abitbol, director of development. Revival Brewing Co. was one of the first tenants of the repurposed building. PBN PHOTO/MICHAEL SALERNO

Without fanfare, Scout reviving former factory

Economy 07/07/2023

John Rosenwinkel needed space to grow. A founding member of the nonprofit PVD Bike Collective, Rosenwinkel began hearing about a developer of a repurposed building...

Five Questions With: Edward G. Avila

Financial Services 07/03/2023

Attorney Edward G. Avila represents many of the lenders in southern New England. With more than three decades of experience in conducting commercial transactions,...