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In the late 1700s, there weren't too many options for New England farmers and
business owners who needed capital to expand their operations. Though the economy was
strong and demand for products was high, many of these entrepreneurs had trouble financing
the growth necessary to meet increasing consumer demand. This situation began to change in
1791 when the bank known today as Fleet opened its doors for business in Providence. Many
in the area turned to the bank for financial support, and today, more than 200 years
later, the company is still finding solutions for New England families and businesses.
Fleet Financial Group has reached numerous milestones throughout its history, but none
have been more dramatic than its transition from a local Rhode Island bank to one of the
10-largest bank holding companies in the country. Through its expansion as a holding
company for many of New England's banking corporations, Fleet has solidified its role as
the largest banking franchise in the Northeast with assets of $81 billion and more than
30,000 employees.
New England's largest banking franchise began in 1791 as Providence Bank. One of its
founders was the legendary businessman John Brown, who also donated the initial funds to
establish Brown University. Throughout the following 200 years, Providence Bank weathered
economic trends in stability while helping to finance the growth of some of the country's
leading manufacturers.
Until 1954 John Brown's bank was known as Providence Union National Bank. During that
year, the bank merged with another of the state's prominent banking institutions, the
Industrial Trust Company, which was built by Samuel P. Col, who introduced the European
concept of branch banking to America. Also during that year, the bank was renamed
Industrial National Bank, and in 1968 the bank was first listed on the New York Stock
Exchange.
In 1982, shortly before his death, the bank's chief executive, John J. Cummings Jr.,
recommended to the board that the bank's name be changed to Fleet Financial Group. Upon
Cummings' death, Terrence Murray took over as chairman, president, and CEO.
Throughout the mid-1980s, Fleet Financial continued its course of expanding both
geographically and functionally. The company's history has been marked not only by steady
growth, but by well-planned development as well.
Fleet has reaffirmed its commitment to Rhode Island--the state in which it was founded and
in which it blossomed as a banking leader. Today, Fleet Bank-RI demonstrates this
commitment through its community activities and numerous charitable contributions. In one
such program, INCITY, the bank has set aside nearly $8 billion in funds to be used as home
loans for low-income borrowers.
In terms of charitable giving, Fleet is one of the largest corporate contributors in Rhode
Island. Under its program Team Fleet, employee volunteers work together on short-term
projects that benefit local nonprofit organizations. Such efforts include cleaning a river
for an environmental organization, packing food, clothing and toys and delivering them to
disaster victims, and assisting at the 1995 Special Olympics World Games.
Fleet is indeed proud of its role as the largest small-business lender in Rhode Island.
For its work in this arena, Fleet has been awarded the distinction of Preferred Lender
from the Small Business Administration (SBA).
"Community involvement at Fleet means working to enhance the quality of life and
promote economic vitality in the communities in which we do business," said Thomas J.
Skala, chairman of Fleet Bank-RI.
According to Dean T. Holt, president and CEO of Fleet Bank-RI, Fleet actively seeks out
partnerships with local community organizations. "These projects range in scope from
a branch manager sponsoring a Little league team to Fleet executives serving on the board
of nonprofit organizations," said Holt.
Having grown from a small local bank serving some of Providence's earliest inhabitants,
Fleet Financial Group continues to grow, passing each successive milestone on the path
that has formed its history. Fleet's strong heritage of successful partnerships with
banks, businesses, and individual customers forms the cornerstone on which the company
will build its promising future.