One of downtown’s most prominent parcels of real estate – the Turks Head Building at Westminster and Dorrance streets – is undergoing $2 million in renovations and by late spring or early summer will welcome a major tenant — Bank Rhode Island.
Bank Rhode Island will establish its headquarters on the signature building’s 16th floor, which has been vacant since the demise of the prestigious Turks Head Club several years ago. Bank Rhode Island has a branch on the first floor of the building. The East Providence-based bank will also occupy much of the 15th floor. Besides corporate offices, the bank will bring its commercial lending division to the capital city.
“Bank Rhode Island is a signature tenant for the Turks Head Building,” said Evan Granoff, one of the building’s owners. “The sign of the Turks Head will again have special meaning for Rhode Islanders.”
The building has special meaning for Bank Rhode Island, according to Merrill Sherman, its president and chief executive officer.
“Bank Rhode Island is Rhode Island’s bank, and our corporate headquarters should be located in the heart of the state’s financial district,” she said. “Our move to Providence gives us greater visibility and announces to the state that Bank Rhode Island is a major commercial resource for local businesses.”
As part of the renovations at the Turks Head Building, the eighth and second floors are also being revamped, as is the main lobby. To date the renovations have yielded some architectural surprises, including a turks head image of inlaid mosaic tile that was uncovered when the carpet was removed from the floor of the old Turks Head Club.
Arnold Robinson, executive director of the Providence Preservation Society, called the Turks Head Building an “important structure.”
“The Turks Head building is a landmark for Providence,” said Robinson.
Bank Rhode Island’s relocation is expected to relieve overcrowding at its facility in East Providence, which will continue to serve as an operations center. Since its founding in March 1996, the bank has increased employment by 25 percent to 190. Bank Rhode Island has a network of 13 branches, including a new location on the East Side of Providence and another in Woonsocket that opened in 1998.
Bank Rhode Island’s total assets stood at $575.9 million as of Sept. 30, 1998 and total deposits were $474.2 million. The bank’s common stock is traded on the NASDAQ National Market under the symbol BARI.
Providence Mayor Vincent A. Cianci, Jr. counts the Bank Rhode Island relocation among the examples of the ongoing revitalization of the capital city.
“As the city continues to flourish, so will Bank Rhode Island and other institutions and corporations that are so valued in the city as significant contributors to our city and state’s economy,” said Cianci.
The landmark Turks Head Building was constructed in 1913 and bore the fabled Turks Head on the front of its bullnose exterior.
