Bank Moves HQ to Providence

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Wednesday, November 24, 2010

GoLocalProv Business Team

A news story rich in a Rhode Island description: Admirals Bank, formerly Domestic Bank, is moving its headquarters to the Gateway Center which used to be known as the American Express Building. The bank has over $265 million in deposits and is presently headquartered in Cranston. In October, along with the name change, Admirals announced expansion plans, "(Admirals) has entered into an agreement to acquire four new branches from Investors Savings Bank, pending regulatory approval. These former Millennium bcpbank (“Millennium”) branches will expand the Bank’s total retail branches to 13, consisting of seven in Rhode Island and six in Massachusetts."

New Leadership

The bank's new owners, led by new Chief Executive Officer Nicholas Lazares, purchased the bank from the Baker Family who had founded the bank in 1967. This acquisition "provided the bank with substantial capital and management resources to assure that our customers and the interests of the community will be well served," claims the banks ownership group. "The Bank is poised for growth and expansion within the region, which will increase the level of service and convenience for everyone."

New Location

The move by Admirals to the Gateway Center is a boon to the area that now features Blue Cross, GTech, Providence Place Mall and Citizens Bank. The building is 120,000 square feet over four floors and has 150 underground pasrking spaces.

According to CBRE, the listing agent on the property, the other major tenant of the building is the Big East Conference.

Photo courtesy of CBRE Marketing Materials