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The Rhode Island banking crisis took place in the early 1990s, when approximately a third of the US state of Rhode Island 's population lost access to funds in their bank accounts. The events were triggered by the failure of a Providence bank, Heritage Loan & Investment, due to long-term embezzlement by its president.
Old Stone Bank was a popular Rhode Island banking institution that was founded in Providence in 1819 as a mutual savings bank that was called Providence Institution for Savings. [ 1] The savings bank was the fourth largest bank in Rhode Island [ 2] when it was declared insolvent by the Office of Thrift Supervision on January 29, 1993.
Citizens was established in 1828 as the High Street Bank in Providence, Rhode Island. [10] [11] In 1871, the Rhode Island legislature gave a second charter to establish the Citizens Savings Bank which eventually acquired its parent group to form Citizens Trust Company. [10] [11] The bank then expanded through Rhode Island, opening a total of 29 ...
Stephen A. Rhoades, "Bank Mergers and Industrywide Structure, 1980–1994," Washington: Board of Governors of the Federal Reanuary 1996. ( Staff study 169 ) Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: Board of Governors of the Federal Reserve System, May 2004.
Japanese asset price bubble (1986–2003) Savings and loan crisis of the 1980s and 1990s in the U.S. 1988–1992 Norwegian banking crisis. Finnish banking crisis of 1990s. Sweden financial crisis 1990–1994. Rhode Island banking crisis. Peruvian banking crisis of 1992. Venezuelan banking crisis of 1994.
R. Rhode Island banking crisis. Categories: 1990s in the United States by state or territory. Decades in Rhode Island. 20th century in Rhode Island. Hidden categories: Commons category link from Wikidata. Category series navigation decade and century.
Violet pushed for legislation to require Rhode Island banks to be federally insured, but this was voted down. [5] Violet warned that the banking system in Rhode Island was "a house of cards." [5] Four years later, Rhode Island faced a run on the banks, and in January 1991, newly elected Governor Bruce Sundlun declared a bank emergency. [5]
100 [a] Non-fatal injuries. 230. The Station nightclub fire occurred on the evening of February 20, 2003, at The Station, a nightclub and hard rock music venue located at 211 Cowesett Avenue in West Warwick, Rhode Island, United States, killing 100 people and injuring 230. During a concert by the rock band Jack Russell's Great White, an ...