Bank Rhode Island (a wholly-owned subsidiary of Bancorp Rhode Island, Inc.,) has announced plans to add three new branches in the next year, pushing its total number of service locations in Rhode Island to 16.
The first of the three new branches will be built in western Cranston this spring. The Bank also is looking at branch locations in Pawtucket and in North Kingstown.
The Bank also announced it will increase its workforce by 15 percent by the end of 2002. The new positions are the result of the overall growth of the Bank, the continued growth in commercial lending and additional staff needed at the three new branches.
“We have done an excellent job growing the branch network we inherited when we opened our doors in 1996,” said Merrill W. Sherman, president & CEO of Bank Rhode Island. “We feel we can grow to be a $1.5 billion institution in Rhode Island, but to do that we need to expand our branch footprint. These three branches are the first steps toward that goal.”
The Bank now has 13 locations and an average branch size of $52 million, up from $35 million at inception. It has added more than 60 ATMs to its network, and has expanded its product offerings to include cash management, international trade services, non-deposit investments and online banking.
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The first of the three new branches will be built at 2104 Plainfield Pike in western Cranston. Construction is expected to start in March and be complete by late May. The branch will be the first to use the Xpress design developed by the Bank. Xpress branches are smaller than traditional branches and feature services tailored to commuters and drive-up traffic. Commuter patterns and the Bank’s existing customer base in Cranston made the Plainfield Pike area an ideal location for an Xpress facility.
The Bank will look to North Kingstown because of the area’s growing population and a high level of business ownership among residents. The Pawtucket branch will give the Bank a presence in six of the largest cities in the State as well as access to a large number of business customers.
