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R.I., other states tell money transfer company to cease activities

CRANSTON – State bank regulators have ordered a California-based money transfer business to stop activities in Rhode Island, citing the company's "declining financial position." Thirty-eight...
WASHINGTON TRUST Bancorp Inc., the parent company for The Washington Trust Co., says its net income for 2023 was $48.2 million compared with $71.7 million it posted in 2022. / PBN FILE PHOTO/SCOTT KINGSLEY

Washington Trust’s year-end profit declines 32.8% to $48.2M

WESTERLY – The Washington Trust Bancorp Inc. on Wednesday posted a profit of $48.2 million for 2023, down 32.8% from the $71.7 million it...
WEBSTER FINANCIAL Corp., parent company of Webster Bank, reported a $867.8 million profit in 2023, marking a 34.7% increase over the year prior.

Webster Bank parent sees profits rise 35% in 2023 but decline...

STAMFORD, Conn. – Webster Financial Corp., the parent company of Webster Bank, says it recorded a $867.8 million profit in 2023, marking a 34.7%...
BANK OF AMERICA Corp. saw its fourth-quarter profit fall more than 50% from a year earlier because of lingering banking industry headwinds. / AP FILE PHOTO/MICHAEL DWYER

Bank of America profits fall 50% in fourth quarter of 2023

NEW YORK (AP) – Bank of America Corp. saw its fourth-quarter profit fall more than 50% from a year earlier as the banking industry...

BankNewport Names Cheryl Bonvegna as Vice President, Small Business Lending Underwriter

BankNewport is pleased to announce that Cheryl Bonvegna has been named vice president, small business lending underwriter of the Credit Administration department. In this...
COMPANY CRED: Bacary Diatta says his food company Kassumay LLC is going well, but it could be doing better if it was easier to obtain a business loan. 
PBN PHOTO/­MICHAEL SALERNO

Fear grows about reduced ability to access capital

When Bacary Diatta moved from Senegal to the United States in 2018, he knew he wanted to start a business that would add value...
THE WASHINGTON TRUST Bancorp Inc. reported a net income of $11.2 million in the third-quarter Tuesday, during what company chairman and CEO Edward O. Handy III called “difficult operating conditions." / PBN FILE PHOTO/SCOTT KINGSLEY

Washington Trust reports $11.2M profit in Q3, a 40% drop from...

WESTERLY – The Washington Trust Bancorp Inc. on Tuesday posted a third-quarter profit of $11.2 million, down 40.2% from $18.7 million it reported in...
NEW DIGS: Bank Rhode Island recently opened this standalone branch on Oaklawn Avenue in Cranston. 
COURTESY BANK RHODE ISLAND/
ARTISTIC IMAGES

Branching out: In digital age, why are R.I. banks building more...

No one would blame Jack Murphy if he’s feeling a little under siege lately. As CEO and president of BankNewport, Murphy considers Aquidneck Island his...
BATTLE TESTED: ­Margaux Morisseau, co-chair of the Rhode Island Coalition for Payday Reform, has been fighting against payday lenders and the lobbyists for years, and she feels the momentum is swinging her group’s way now. 
PBN PHOTO/­MICHAEL SALERNO

Activists won’t abandon payday lending fight

It has not been a lucky year for Georgina Paulino. The Westerly resident’s partner was injured and is out of work. The care of...

Banking ‘reforms’ have widened the wealth gap

Harsh banking sector regulations imposed a decade ago were touted as a means to both make the system safer and to “democratize capital” by...
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