See Hours
| Monday | 8:00 AM - 3:30 PM |
|---|---|
| Tuesday | 8:00 AM - 3:30 PM |
| Wednesday | 8:00 AM - 3:30 PM |
| Thursday | 8:00 AM - 3:30 PM |
| Friday | 8:00 AM - 3:30 PM |
| Saturday | Closed |
| Sunday | Closed |
About
Important information
- Government Actions:Federal Deposit Insurance Corporation & Rhode Island Division of Banking vs. Independence Bank
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On 7/25/2019 the Federal Deposit Insurance Corporation (FDIC) and the Rhode Island Division of Banking announced a consent order with Independence Bank. The Bank has consented, without admitting or denying any charges of unsafe or unsound banking practices or violations of law or regulation relating to a lack of oversight and risk management practices commensurate with the Bank's business model and high risk profile.
As a result of the consent order, the business will comply with certain stipulations regarding its management, Board, strategic plan, underwriting practices, and oversight, including progress reports to be furnished to the RI Division of Banking.
On 10/5/2020 Independence Bank provided the following statement; “The Consent Order primarily relates to the rapid growth of the Bank's SBA Small Business Loan Program. The Bank is well capitalized with 27.40% in Tier 1 Capital with retained earnings accounting for 74% of Capital, highly liquid, profitable and financially sound. The Bank's financial condition can be confirmed by reviewing the Bank's FDIC Call Report at www.FDIC.gov. Be assured that the Consent Order does not impact the FDIC Insurance of customer deposits, all deposits are fully insured up to the maximum limits.”
Overview
BBB Accredited Since: 8/13/1998
Years in Business: 21
BBB Accreditation & Rating
About This Business
Business Details
- BBB File Opened:
- 3/25/2003
- Business Started:
- 3/25/2003
- Business Incorporated:
- 9/12/1995
- Type of Entity:
- Corporation
- Business Management:
- Mr. Robert Catanzaro, President
- Mr. Amenrico Pinheiro, Compliance Officer
- Number of Employees:
- 17
Additional Contact Information
- Principal Contacts
- Mr. Robert Catanzaro, President
- Customer Contacts
- Mr. Amenrico Pinheiro, Compliance Officer
- Fax numbers
- Primary Fax: (401) 884-9551
- Additional Phone Numbers
- Other Phone: (888) 824-8873
- Social Media
Additional Information
- Business Categories
- Financial Services, Loans, Bank, Small Business Loans
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