The Rhode Island Depositors Economic Protection Corp. today closes the book on its financing of the state's historic credit union debacle by selling tax-exempt bonds.

The state corporation is scheduled to close a $56 million tax-exempt private placement, according to Michael Fraser, deputy director of finance and administration. The transaction winds up the third of three legs in bailing out 45 credit unions that were declared insolvent Jan. 1, 1991.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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