Rhode Island Hospital Trust National Bank enjoys a distinguished Ocean Sate heritage
dating from its opening in 1867 as the Rhode Island Hospital Trust Company, New England's
first trust institution.
Founded following the end of the Civil War to provide the financial footing for the
much-needed Rhode Island Hospital, the bank grew and prospered, becoming a symbol of
trust, community involvement and personalized banking.
In 1985, Hospital Trust joined forces with Bank of Boston becoming part of a
"super regional" bank with branches and services throughout the world. When Bank
of Boston acquired BayBank Corporation in 1996, the Rhode Island bank's name was changed
to Rhode Island Hospital Trust National Bank. Today, Rhode Island Hospital Trust National
Bank operates from its 29-story headquarters in the heart of Providence's financial
district. Nearly 2,000 employees provide a menu of banking services from headquarters,
nearly 50 branches and from a sophisticated telebanking operation in East Providence.
In addition to being one of the state's oldest banks, BayBank R.I. is the state's third
largest bank and one of its strongest. In 1994 and 1995 it reported quarter after quarter
of record earnings, despite a lukewarm economy -- a fact that testifies to the acumen and
character of the bank's employees. In 1995, the bank earned a record $50 million, a 19
percent increase over the $42 million it earned in 1994, with assets topping $3 billion.
Building on the Hospital Trust legacy, Rhode Island Hospital Trust National Bank has
become a key financial partner for many of Rhode Island's institutions and businesses,
furnishing the capital they've needed to grow, compete and provide jobs for tens of
thousands of residents.
Rhode Island Hospital Trust National Bank is known for its ability to serve large
corporate customers, while becoming a leading lender to small businesses. Its presence in
the business community remains enormous. Today, one of every three Ocean State businesses
regards Rhode Island Hospital Trust National Bank as their bank.
The bank has developed a niche in the precious metals business. It was the first bank in
the country authorized to sell gold bullion directly to commercial users -- a business it
developed to give price and supply stability to the state's significant
jewelry-manufacturing industry. And it remains one of the nation's largest suppliers of
commercial gold.
Today, BayBank is succeeding by changing direction. "We are adjusting our outreach to
go where the customer is," says Fred C. Lohrum, chairman and president. "We are
offering banking services in many new venues and our numbers show this strategy is
working."
In the early 1900s, Rhode Island Hospital Trust National Bank was the first Rhode Island
bank so assign a team of professional bankers to help European immigrants upon their
arrival to Providence. Today, the bank offers the widest array of products and services
crafted to meet the financial needs of its customers -- whether they be young
professionals, retirees or new immigrants from Asia and South America.
Rhode Island Hospital Trust National Bank has played a central role in the development and
administration of public and private trusts and custodial accounts. Through The Private
Bank, which offers specialized services and products to the affluent, BayBank administers
the John Clarke Trust, the oldest trust in America, as well as the Rhode Island
Foundation, one of the nation's first community trusts. In recent years, more than a dozen
private foundations under trust have distributed nearly $1.5 million annually to various
organizations and individuals throughout the state.
From its founding nearly 13 decades ago, BayBank has provided a tangible return to the
Rhode Island community. The bank and its employees have been vigorous supporters of
nonprofit institutions, schools, arts and educational programs, environmental programs,
and the United Way of Southeastern New England. In recent years, the bank has returned
more than $2 million annually to the community in direct donations and other philanthropic
acts.
"We are a major supporter of the community," says Lohrum. He pointed to the
company's annual "Coats for Kids" drive that has collected and distributed more
than 35,000 coats in its seven years of operation. In addition, more than 1,500 people
showed up this year in the bank's "Get the Drift and Bag It" coastal cleanup
campaign, collecting tons of debris along the Rhode Island coastline and removing it.
Helping seniors stay in the game is the goal of the annual Senior Games program sponsored
by the bank and the R.I. Department of Elderly Affairs. Each year, hundreds of senior
athletes compete in tennis and track and field events. The program was expanded in 1995.
This commitment to Rhode Island is a distinguishing feature of Rhode Island Hospital Trust
National Bank. The bank's philosophy is best summed up by what former bank chairman Harry
Freeman said years ago: "The bank should be run primarily for the good of the
community."
Though the name has changed, the bank remains essentially the same -- a local bank serving
its local customers. ""We have been in Rhode Island for more than a hundred
years," says one longtime officer, "and we will be around a lot longer."