Deposits - Providence Business News

R.I. woman pleads guilty to operating an unlicensed money-transmitting business

Economic Activity 08/05/2026

PROVIDENCE – A Rhode Island woman has pleaded guilty to a federal judge of operating an unlicensed money-transmitting business that moved funds between individuals...

WASHINGTON TRUST Bancorp Inc. Chairman and CEO Edward O. “Ned” Handy III says the growth in commercial lending, wealth management and branch expansion helped boost the Westerly-based bank's results in the second quarter. / PBN FILE PHOTO/MICHAEL SALERNO

Washington Trust CEO points to commercial lending, branch growth after strong...

Economic Activity 07/21/2026

WESTERLY – Washington Trust Bancorp Inc. Chairman and CEO Edward O. “Ned” Handy III said the bank's improved second-quarter results showed growth in commercial...

Citizens Financial posts $494M profit in Q3, up 29% year over...

Financial Services 10/15/2025

PROVIDENCE – Citizens Financial Group Inc. on Wednesday reported a third-quarter profit of $494 million, an increase of 29% from a year ago driven...

CITIZENS FINANCIAL Group Inc.'s annual profit fell 6.2% to $1.51 billion in 2024 compared with a year earlier. / COURTESY CITIZENS FINANCIAL GROUP INC.

Citizens Financial’s profit drops 6.2% for 2024 to $1.51B

Economic Activity 01/17/2025

PROVIDENCE – Citizens Financial Group Inc.'s annual profit fell 6.2% to $1.51 billion in 2024 compared with a year earlier. The parent company of Citizens...

FDIC market-share report shows changes among top R.I. banks

Financial Services 09/27/2024

PROVIDENCE – Citizens Bank’s longtime distinction as the state's biggest bank in terms of deposits grew by nearly $1 billion in the past year...

Bank of America profits grow 15% in Q1, avoids industry crisis

Economic Activity 04/18/2023

NEW YORK (AP) – Bank of America Corp. said its profits grew 15% last quarter, the latest of the big banks to do exceptionally...

CASH FLOW: Russell Morrill of Westerly uses an ATM at The Washington Trust Co. branch in Westerly recently. Banks and credit unions are expecting to see a decline in the size of deposits as the COVID-19 crisis passes. / PBN PHOTO/ELIZABETH GRAHAM

As new deposits slow, bank strategies evolve

Economic Activity 06/11/2021

The billions of dollars doled out in forgivable small-business loans and personal stimulus checks made their way to recipients through their bank accounts. The result:...

BAYCOAST BANK, one of its Rhode Island branches shown here, is one of the few banks in the area that openly court deposits from marijuana-related businesses. The Swansea, Mass.-based community bank decided to take the step nearly a year ago as more marijuana-related businesses were opening after Massachusetts began licensing recreational marijuana dispensaries, in addition to medical marijuana dispensaries previously legalized in Massachusetts and Rhode Island./COURTESY/BAYCOAST BANK

BayCoast accepts marijuana-industry deposits

Financial Services 10/11/2019

Legalizing marijuana is one thing, banking on it is another. At least one bank in the area, however, is venturing into those waters –...

Marijuana businesses need banks

Editorial and Op-Ed 10/11/2019

BayCoast Bank is setting a much-needed standard locally with its public acceptance of deposits from businesses in the burgeoning marijuana industry. The Swansea-based bank has...