The state of Rhode Island is home to 20 banks that are insured by the federal deposit insurance corporation and that operate within the state. Of this amount, 7 of these banks are headquartered in the state and therefore can be considered Rhode Island-based banks. Banks operating within the state had in total $201 billion of assets, $167 billion of deposits and $136 billion of loans outstanding as of this writing. Overall and in aggregate residential mortgages made up 19% of the assets managed by banks located in Rhode Island. Further, these banks also currently employ in total 18,784 people within the state, which represents 1.8% of the population.

Density of Banks in the State of Rhode Island

There are a total of 237 bank branches located within the state of Rhode Island. This works out to a ratio of approximately 2.2 branches per 10,000 people in Rhode Island.  Comparing the banks in Rhode Island to banks operating in other states on this measure, Rhode Island ranks 37th out of 52 states and territories in terms of branches per capita.  Another way to view this is by looking at the physical accessibility. On this basis, banks located in Rhode Island had on average 22.9 branches per 100 square miles. As a result, Rhode Island ranks 4th out of 52 states and territories in terms of most branches per square mile.

Performance of Banks in Rhode Island

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  • Net Interest Margin – banks in the state of Rhode Island are on average above the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in the state of Rhode Island is ranked 39th out of the 52 states and main territories in the United States.
  • Return on Assets – in terms of this important return metric, banks in this state are on average higher than the national average. Altogether the Return on Assets for the banks in this state is ranked 31st out of the 52 states and main territories in the country.
  • Return on Equity – banks in the state of Rhode Island are on average generating a lower return on equity than the average bank in the United States. In total, the return on equity for banks in the state of Rhode Island is ranked 40th out of the 52 states and main territories in the United States.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in the state of Rhode Island are ranked 5th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average worse than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in the state of Rhode Island are ranked 43rd out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of Rhode Island

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Based on the latest available data, Citizens Bank is the largest bank operating in Rhode Island based on its deposit share. Citizens Bank currently has a 37% share of deposits within the state. Below is summary information on the top 5 largest banks in Rhode Island.

Citizens Bank

Citizens Bank currently has the largest share of deposits within the state and has $15.4 billion of deposits. In addition to this the bank also has 56 offices within the state, which represents 6% of its total domestic offices.

Main Office Address: 1 Citizens Plz Providence, RI 2903

Website: www.citizensbank.com

Bank of America

Bank of America currently has the second largest share of deposits within the state and has $9.4 billion of deposits. The bank also has 29 offices within the state, which represents 1% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bofa.com

The Washington Trust Company, of Westerly

The Washington Trust Company, of Westerly currently has the third largest share of deposits within the state and has $4.7 billion of deposits. The bank also has 24 offices within the state, which represents 92% of its total domestic offices.

Main Office Address: 23 Broad St Westerly, RI 2891

Website: www.washtrust.com

Santander Bank, N.A.

Santander Bank, N.A. currently has the fourth largest share of deposits within the state and has $3.2 billion of deposits. Further, the bank also has 26 offices within the state, which represents 5% of its total domestic offices.

Main Office Address: 824 N. Market St, # 100 Wilmington, DE 19801

Website: www.santander.com

Bank Rhode Island

Bank Rhode Island currently has the fifth largest share of deposits within the state and has $2.7 billion of deposits. In addition, the bank also has 20 offices within the state, which represents 100% of its total domestic offices.

Main Office Address: 1 Turks Head Pl Providence, RI 2903

Website: www.bankri.com