Almond and the port
There was a time not long ago when talk of a port – and the tens of thousands of jobs it could create — caused much excitement in the business community. In recent months, however, the proposal to build such a port at the former Qonset Point/Davisville Navy bases seemed to have lost some momentum. As a result, we – and others – have challenged Gov. Lincoln Almond to more clearly define his position. The size of the proposed port, its economic viability and the impact it could have on the environment are all significant factors in what has become a volatile debate. There has been talk of big ports, small ports, and no ports at all.
We are pleased to report that after sitting with the governor last week, it is clear that he remains committed to the development of a reasonably sized shipping port at Quonset Point.
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The development of a port is a complicated issue. Almond suggests that the proposal here was further complicated by the state’s relationship with Quonset Point Partners, the developers who presented the state with the initial port proposals.
QPP is no longer working with the state. New consultants have been hired and Almond expects firm proposals soon.
Almond still believes a port at Quonset Point – sized properly – can be both economically and environmentally friendly. That’s the same message we have heard from U.S. Sen. Jack Reed and others. We tend to agree.
It would be nice if this whole process moved along a little bit faster. But if a port is to be done right, it is going to take time.
Almond has built a solid record of economic development during his time in office. He helped lure Fidelity Investments. He improved the state’s financial commitment to Providence Place. He has also told us that he continues to have conversations with Pfizer about the possibility of the pharmaceutical giant establishing some kind of presence here. In recent weeks, the governor has also had some encouraging talks with a Virginia-based high technology company that has Rhode Island on its short list of places to establish a new home.
Governor Almond’s low-key approach, sometimes, obscures his efforts to better the Rhode Island economy. He is our chief salesperson, and we hope that when it comes to companies like the one he mentions in Virginia, that he joins the million-dollar club.
Commitment to community
At the end of this month, the real end comes for Hospital Trust National Bank. At least when it became BankBoston, it was a regional company that had assumed its name, and, to a great extent its culture. Many of the Hospital Trust employees, its community commitment, and its manner of operations were assumed and continued by BankBoston.
Now comes the big merger. Fleet has consumed BankBoston, and Sovereign Bank of Pennsylvania will assume BankBoston branches, and, they hope, most of its Rhode Island customers by the end of this month.
A battle will ensue for those customers, with Sovereign competing against Citizens Financial, and a host of smaller banks that are prepared to entice those who feel disenfranchised with the loss of BankBoston.
The legacy of Hospital Trust/BankBoston goes much further than its customers. The Hospital Trust/BankBoston name was a backbone in its corporate philanthropy, encouraging employees to work and contribute to community causes, while the company itself poured over $800,000 a year into a variety of community organizations and events. From Project Aids to the Preservation Society, from the Greater Providence Chamber of Commerce to coats for kids, this is the Hospital Trust/BankBoston legacy.
Thousands of youngsters – 60,000 to be exact – were the beneficiaries of winter coats through the bank’s program, one example of how important the bank’s philanthropy has been to impoverished Rhode Islanders.
There is concern that the level of giving may diminish with the demise of BankBoston. Fleet Financial has said it will pick up some of the slack, and Sovereign is expected to pick up some as well. In the end, we suspect, that if it’s not Sovereign and Fleet that other companies will fill the breach.
But, Hospital Trust/BankBoston will be missed. For well over a century, the bank was a very good Rhode Island citizen.
