EAST PROVIDENCE, R.I. - EFC Corp., the investor group that has agreed to buy the 13 Rhode Island branches divested by Shawmut National Corp. in its merger with Boston's Fleet Financial Group, has selected "Bank Rhode Island" as the name of the new bank.
The new bank, which will be based temporarily at one of the former Shawmut branches in East Providence, will be a full-service community bank serving individuals and small to midsize businesses. EFC selected the name Bank Rhode Island after market research showed that most people wanted the new bank to have a reference to the state in its name.
When the acquisition is completed in March, the new bank will have $500 million in assets. EFC, under the direction of Malcolm G. Chace, a former director of Bank of Boston subsidiary Rhode Island Hospital Trust National Bank, plans to raise about $50 million in capital to finance the purchase.