PL Capital seeks representation on Bancorp RI board

By Lisa Kerner

Charlotte, N.C., Feb. 5 - Richard Lashley, principal of Bancorp Rhode Island, Inc. investor PL Capital Group, nominated himself, Daniel J. Mullane and fellow PL Capital Group principal John W. Palmer as nominees for director at the company's 2008 annual meeting.

Mullane is former chairman, chief executive officer and president of the Advest Group Inc.

PL Capital beneficially owns 387,920 shares, or some 8.5% of Bancorp Rhode Island's outstanding common stock , according to a news release included in a schedule 13D filing with the Securities and Exchange Commission.

In pursuing the board seats, PL Capital cited:

• Bancorp RI's core return on equity in 2007, which at 7.72% was the lowest annual core return on equity in Bancorp RI's history;

• The downward trend in Bancorp RI's core return on equity for the last eight years;

• Bancorp RI's efficiency ratio in 2007, which at 73.4% was the second-worst annual efficiency ratio in Bancorp RI's history.

Lashley believes that Bancorp "has reached the point at which it is unable to substantially grow its business and profitability without changes in the existing management team, operating structure, capital structure and/or business model."

Bancorp Rhode Island is based in Providence, R.I., and is the holding company for Bank Rhode Island, which provides commercial banking services.

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