Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Stephen Turgeon
Vice President
Corporate Communications
401-456-5015 Ext. 1652
Bank Rhode Island Completes
Holding Company Conversion
PROVIDENCE (September 1, 2000) -- Bank Rhode Island (NASDAQ:BARI) today
announced that it has completed its conversion to a bank holding company.
Bank Rhode Island will now operate as a wholly-owned subsidiary of the
new holding company, Bancorp Rhode Island, Inc. The change will have no effect
on the Bank's customers or their accounts.
Stock in Bank Rhode Island will be exchanged, one-for-one, for stock in
Bancorp Rhode Island, Inc. The stock will continue to trade on the Nasdaq Stock
Market under the symbol "BARI".
Bank Rhode Island President and CEO Merrill W. Sherman said the
formation of a holding company will give the bank greater financial flexibility
in the future.
Bank Rhode Island is a full-service, FDIC-insured financial institution
headquartered in Providence. The bank operates 13 branches throughout Providence
and Kent Counties. As of June 30, 2000, the Bank's total assets stood at $682.4
million and total deposits were $579.4 million.
