P.M. BRIEFING : R.I. Banks Turn Away Customers
Steady streams of disappointed customers were turned away this morning from offices of 45 banks and credit unions closed by the state’s new governor.
“I heard it this morning on television. It blew my mind,” Evelyn Skillings said as she climbed out of her car at an East Providence Credit Union branch. “How are you going to pay bills? How are you going to manage?” the elderly woman said, echoing the fears of many depositors.
Newly sworn-in Gov. Bruce G. Sundlun wasted no time taking action on New Year’s Day when he closed 45 Rhode Island banks and credit unions covered by a severely depleted insurance fund. (Story, A8) The surprise move came a day after the Rhode Island Share & Deposit Indemnity Corp. asked to be placed in financial conservatorship.
The action means that customers holding $1.7 billion in 300,000 accounts cannot withdraw their money until further notice.
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