Banking - Page 3 of 10 - Providence Business News

CASH-ONLY CROP: Some of the products for sale at the cannabis retail store called Mother Earth Wellness in Pawtucket. Despite the Biden administration’s move to recategorize cannabis as a less-dangerous controlled drug on the federal level, it won’t do much to persuade banks to enter the sector.  PBN FILE PHOTO/MICHAEL SALERNO

Pot regulation proposal leaves banking problem

Financial Services 06/07/2024

The Biden administration’s move to reclassify marijuana as a less-dangerous controlled drug was hailed as a monumental step in reshaping national policy. But it...

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

Financial Services 03/25/2024

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

Economic Activity 01/24/2024

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...

Economic Activity 01/24/2024

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

Economic Activity 01/12/2024

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

People on the Move 01/03/2024

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

Economy 12/08/2023

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...

Economic Activity 10/24/2023

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...

Cover Story 10/13/2023

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...