Bank Rhode Island, the second-largest de novo institution in history, has opened for business in 12 branch offices divested by Shawmut National Corp.

The $485 million-asset bank, which was created to buy the divested branches, was launched this spring with about $45 million of capital, half of it raised from Rhode Island individuals and private institutions.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.