Financial Services
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Interest rates at R.I. banks dropped 25% from ’11, study says
Interest rates offered by Rhode Island’s banks and credit unions for certificate of deposit and savings accounts fell an average 25 percent between 2011 and 2013, according to a study released Wednesday by GoBankingRates.com. more
| 3/6/13
BOE’s King says government should split up RBS, accept loss
Bank of England Governor Mervyn King urged the government to split up Royal Bank of Scotland Group Plc and speed up the return of Britain’s biggest publicly owned lender to private ownership following its bailout in 2008. more
Conn.-based SI Financial Group buying Newport Fed
Newport Bancorp Inc., parent company of Newport Federal Savings Bank, is being bought by SI Financial Group Inc., the parent of Savings Institute Bank and Trust Company, for a combination of stock and cash valued at about $61.3 million. more
| 3/5/13
BankRI profits jump 35% as parent adds services office, 50 jobs in R.I.
Bank Rhode Island – the local subsidiary of Brookline Bancorp Inc. – saw net income jump 35.5 percent during 2012, according to its year-end report filed with the Federal Deposit Insurance Corporation. more
| 3/5/13
BofA settlement process ‘seriously flawed,’ AIG expert says
Bank of America Corp.’s $8.5 billion mortgage-bond settlement was reached through a “seriously flawed” process, said an expert for American International Group Inc., which has challenged the deal. more
Raimondo: Review lowers banking fees by 38%
A comprehensive review of the Rhode Island’s day-to-day banking services resulted in lowering the state’s overall banking fees by 38 percent, R.I. General Treasurer Gina M. Raimondo announced Monday. more
| 3/4/13
RBS loss widened in 2012 on swaps, PPI redress provisions
Royal Bank of Scotland Group PLC, Britain’s biggest taxpayer-owned lender, posted a wider full-year loss after it set aside an additional 1.1 billion pounds ($1.6 billion) to compensate clients wrongly sold insurance and interest-rate hedging products. more
Artists to get financial training
The R.I. State Council on the Arts and The Rhode Island Foundation have announced a collaborative “Assets for Artists” financial training and micro-financial opportunity program in partnership with the Massachusetts Museum of Contemporary Art, the International Institute of New England and other partners. more
Nautic Partners sells Big Train to Kerry Group
Nautic Partners LLC, a middle-market private equity firm based in Providence, has completed the sale of Big Train Inc. to Kerry Group PLC, the company announced Wednesday. more
| 2/27/13
BofA surge affirms Buffett bet as Moynihan recovers from gaffes
Brian Moynihan was impatient. It was August 2011, and the Bank of America Corp. chief executive officer was reviewing plans to impose a $5 monthly fee on debit-card users. more
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