Magazine article American Banker

Onetime Foe Welcomes Bank of Boston to Rhode Island

Magazine article American Banker

Onetime Foe Welcomes Bank of Boston to Rhode Island

Article excerpt

DR. EARLE COHEN, a retired baby doctor, is finally ready to welcome the Bank of Boston-RIHT Financial Corp. merger into the world.

Of course, at this point he has little choice, particularly with the recent decision by the Rhode Island Board of Bank Incorporation to let stand its earlier order permitting Bank of Boston to buy the Providence-based bank holding company.

The Rhode Island board, a state bank rgulatory agency, for several months had been considering whether to rescind the earlier order in light of the admission by the Bank of Boston that it violated federal laws requiring banks to report large currency transactions.

Dr. Cohen, 65, who retired as a pediatrician two years ago and now owns the Viking Hotel in Newport, R.I., was the principal foe of the deal even when it ws first announced in 1984. And now that Bank of Boston has increased the price to $73 a share from $59, he is still not sure that the price is right, although he concedes that most RIHT shareholders are content. …

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