BofA R.I. President Hatfield to retire in July

PROVIDENCE – The longtime Rhode Island leader for Bank of America Corp. is stepping down in July.

William F. Hatfield Jr., Bank of America’s Rhode Island president, announced his retirement in a tweet on Wednesday. Hatfield has worked for the company for 40 years, and as its senior Rhode Island executive since 2004.

In an interview with PBN, Hatfield called his leadership role with the bank in Rhode Island as “a position meant for me,” and “living my dream.”

Reaching the 40-year milestone – just weeks after his original April, 4, 1981 start date with what was then Industrial National Bank in Providence – felt like the right time to step down. Hatfield said.

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Reflecting on his time with the company, Hatfield touted its mission of diversity and inclusion as a highlight.

What we believe is critical for creating opportunity for people within Rhode Island,” he said. “Every day, I got up and my focus was that.”

There were, of course, challenges: the 1991 credit union crisis, 2008 recession and the health and economic devastation wrought by the pandemic in the last year. Hatfield emphasized the support the bank has offered to its customers and the state through these challenging times.

Asked if there was anything he would do differently, he answered in a single word: “No.”

Hatfield is known for his strong support, both personally and through the company, for the local nonprofit and small-business communities. He currently serves as chairman of the board of trustees for the Greater Providence Chamber of Commerce and vice-chairman for Crossroads Rhode Island. He previously served as chairman of The Providence Foundation as well.

He has prioritized workforce development, serving as the founding chairman for Skills for RI’s Future and more recently, pledging the bank’s commitment as an employer partner in the state’s $4.5 million Back to Work RI initiative launched during the pandemic.

Hatfield has also made a name for himself as a champion for young people in the state, winning a number of recognitions including from Family Service of Rhode Island and Junior Achievement, PBN has reported. 

Although he has cut back much of his philanthropic and community work in recent years, he plans to “keep a toe in the water” while enjoying time with his family in Barrington.

Prior to assuming an executive role in wealth management in 2002, Hatfield spent over 20 years in commercial and corporate banking at FleetBoston Financial in a variety of leadership positions.

The company has not yet named a successor.

As of June 30, 2020, Bank of America had nearly $8.6 billion in in-market deposits in Rhode Island, capturing nearly 23% of the state’s market share. The bank operates 29 branches in Rhode Island and Bristol County, Mass., according to PBN’s 2021 Book of Lists.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.