PROVIDENCE – Bank Rhode Island is planning to expand its footprint in Rhode Island with the opening of two new branches by the coming summer – one location in Bellevue Plaza in Newport, the other on Oaklawn Avenue in Cranston.
The new branches will bring BankRI’s statewide total to 22.
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The bank, a subsidiary of Massachusetts-based Brookline Bancorp Inc., has the fifth-largest market share in Rhode Island in terms of deposits as of June 2022, according to the Federal Deposit Insurance Corp. It had $2.6 billion in deposits at the time.
“This is exciting growth for BankRI,” said Will Tsonos, CEO and president of Bank Rhode Island. “Having a physical presence in the communities you serve is not only important, it also is the foundation of our model of relationship banking. We want to be on the ground, easily accessible to customers, so we can support the community with the banking services and products – as well the financial expertise – they need.”
The new branch in Newport builds on BankRI’s location in Middletown and an existing base of customers on Aquidneck Island. The location is in a high-traffic shopping plaza near the International Tennis Hall of Fame. The space was occupied previously by another financial institution for many years, helping to make the transition a smooth one for BankRI, bank officials said.
The addition of an Oaklawn Avenue branch will give BankRI four full-service locations in Cranston. The new Oaklawn Avenue location is a ground-up construction project and part of the larger redevelopment of a highly visible and noteworthy site, BankRI said.
