 |
GOVERNOR
BRUCE SUNDLUN PAPERS
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| SERIES V | BANKING CRISIS |
DATES |
| 5' (10 boxes) | 1990 - 1994 |
The day before Bruce Sundlun was to take office as governor he learned that the Rhode Island Share and Depositors Insurance Corporation (RISDIC) was going into receivership. RISDIC provided depositor insurance for more than thirty banks, savings and loan institutions, and credit unions in the state. The failure of RISDIC meant that the funds deposited in those institutions were no longer insured. By state law the institutions could not continue to operate without insurance.
As a result, among Sundlun's first official acts as Governor on January 1, 1991, he ordered the immediate closing of the banking institutions insured by RISDIC. They were to remain closed until such time as they could obtain federal insurance from the Federal Depositors Insurance Corporation (FDIC) or the National Credit Union Association (NCUA). Until they could obtain federal insurance, the funds of depositors in those institutions were frozen and unavailable to the depositors. Many of the RISDIC insured institutions were able to obtain federal insurance very quickly and reopen in a matter of days. Others, including many of the largest institutions, were unable to do so.
This series documents the response of the Sundlun administration to the banking crisis resulting from the collapse of RISDIC. The principal response of the Sundlun Administration was the development, introduction, and passage of legislation entitled the depositors economic protection act. The legislation created a government corporation, the Depositors Economic Protection Corporation (DEPCO), to restore funds to depositors as quickly as possible. DEPCO worked with officials and depositors of closed institutions to assist them in obtaining federal insurance if possible or to assist them in finding other banking institutions willing to purchase and reopen the closed institutions. For those institutions for which neither options proved feasible, DEPCO was empowered to assume their assets and sell them in order to get funds to depositors as quickly as possible.
As governor, Sundlun served as the Chair of the DEPCO Board of Directors and assumed an active role in the management of the Corporation. The records in this series document that role and include correspondence, memos,reports,agenda and minutes of meetings, lists of outstanding loans from closed institutions, bank examination reports, case status reports, and property lists.
The records in this series are arranged alphabetically by subject or type of record and chronologically within folders.
|
BOX |
FOLDER |
FOLDER TITLE |
DATES |
|
111 |
I |
Acquisition Agreement: Northeast Savings Acquisition of East Providence Credit Union |
1993 |
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2 |
"An Alternative to Liquidation for the Closed Rhode Island Financial Institutions" |
1991 |
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3 |
Asset Management Resolution Company (AMRESCO): Active Cases, List of |
1994 |
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4 |
AMRESCO : Corporate Profile |
1992 |
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5 |
AMRESCO : Draft Servicing Agreement |
1992 |
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6 |
AMRESCO : Proposal for Asset Management and Disposition Services |
1992 |
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7 |
"Carved in Sand" A Report on the Rhode Island Share and Deposit Indemnity Corporation |
1991 |
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112 |
8 |
Colombian Credit Union: FDIC Report of Examination |
1991 |
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9 |
Combined Credit Union Individual Loan Relationship Report (Draft) |
1991 |
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10 |
Davisville Credit Union: Berylson- Liberty Plan to Purchase |
1991 |
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11 |
Depositors Economic Protection Corporation (DEPCO): Agenda and Minutes of Meetings |
Apr - May 1991 |
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12 |
DEPCO: Agenda and Minutes of Meetings |
Jun - Dec 1991 |
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13 |
DEPCO: Agenda and Minutes of Meetings |
Jan - Apr 1992 |
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|
113 |
14 |
DEPCO: Agenda and Minutes of Meetings |
June 1992 |
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15 |
DEPCO: Agenda and Minutes of Meetings |
July - Aug 1992 |
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16 |
DEPCO: Agenda and Minutes of Meetings |
Oct - Dec 1992 |
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17 |
DEPCO: Agenda and Minutes of Meetings |
1993 - Feb 1994 |
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18 |
DEPCO: Agenda and Minutes of Meetings |
Mar - Aug 1994 |
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114 |
19 |
DEPCO: Agenda and Minutes of Meetings |
Sept - Dec 1994 |
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20 |
DEPCO: Asset Management Committee Meetings, Minutes of |
1992 - June 1993 |
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21 |
DEPCO: Asset Management Committee Meetings, Minutes of |
Sept 1993 - June 1994 |
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22 |
DEPCO: Asset Management Committee Meetings, Minutes of |
July - Nov 1994 |
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23 |
DEPCO: Audit Reports FY 1990- 91 and FY 1991- 92 |
1992 - 1993 |
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24 |
DEPCO: Audit Reports FY 1992- 93 and FY 1993- 94 |
1994 |
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115 |
25 |
DEPCO: Audit Reports FY 1993- 94 |
1994 |
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26 |
DEPCO: Bond Issue |
1991 |
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27 |
DEPCO: Bond Issue |
1992 |
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28 |
DEPCO: Budget |
1992 - 1994 |
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29 |
DEPCO: Castleton Estates Sale Plan |
1992 |
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30 |
DEPCO: Correspondence (See also: Sundlun, Gov. Bruce Correspondence, folders 67,68) |
Apr - June 1991 |
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31 |
DEPCO: Correspondence |
July - Dec 1991 |
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116 |
32 |
DEPCO: Correspondence |
Jan - Jun 1992 |
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33 |
DEPCO: Correspondence |
July - Dec 1992 |
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34 |
DEPCO: Correspondence |
Jan - Oct 1993 |
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35 |
DEPCO: Correspondence |
Nov 1993 - Feb 1994 |
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36 |
DEPCO: Correspondence |
Mar - Dec 1994 |
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37 |
DEPCO: DEPCO vs. Wilhemina Brown et al. |
1994 |
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38 |
DEPCO: Description of |
1991 - 1992 |
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39 |
DEPCO: Employee Lists |
1991 - 1992 |
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117 |
40 |
DEPCO: Executive Director Search |
1991 - 1992 |
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41 |
DEPCO: Financial Statements |
1992 - 1993 |
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42 |
DEPCO: Financial Statements |
1994 |
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43 |
DEPCO: Legislation re. |
1991- 92 |
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44 |
DEPCO: Meeting re. $150,000 Bank Loan |
1991 |
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45 |
DEPCO: Old Stone Bank Agreement with |
1991 |
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46 |
DEPCO: Payment and Trust Agreements with the State of RI |
1991 |
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47 |
DEPCO: Plan of Operation (Draft) |
1991 |
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118 |
48 |
DEPCO: Presentation to Moody's Investors Service |
1991 |
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49 |
DEPCO: Special Obligation Bond Proposal |
1992 |
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50 |
DEPCO: Jane Kayrovz vs. DEPCO- Advisory Opinion to the Governor |
1991 |
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51 |
DEPCO: Stephen Altieri vs. DEPCO Decision |
1992 |
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52 |
Greater Providence Deposit Corporation: FDIC Report of Examination |
1991 |
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53 |
Jepson, Roger (Chairman, National Credit Union Administration Board): Testimony before U.S. Senate |
1991 |
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54 |
Marquette Credit Union: Bank Examiner's Report |
1990 |
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55 |
"Presentation to the Federal Regulators by the State of Rhode Island Regarding the Rhode Island Banking Crisis" |
1991 |
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56 |
Providence Teacher's Credit Union: FDIC Report of Examination |
1991 |
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119 |
57 |
"Report and Chronology with Exhibits of Governor Bruce Sundlun Before the U.S. House of Representatives" |
1991 |
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58 |
"Report and Chronology with Exhibits of Governor Bruce Sundlun Before the U.S. House of Representatives" |
1991 |
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59 |
"Report of the Select Commission Concerning RISDIC's Role in the Collapse of Heritage Loan and Investment Co." |
1991 |
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60 |
"Report of the Select Commission to Investigate the Failure of RISDIC- Insured Financial Institutions Concerning Withdrawals by RISDIC Insiders" |
1991 |
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61 |
"Report on Review of the Banking Emergency" |
1992 |
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62 |
"Report on Review of the Banking Emergency" |
1992 |
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63 |
Rhode Island Share and Deposit Indemnity Corporation (RISDIC): Correspondence re. |
1991- 92 |
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64 |
Special Regulations and Order re. the Banking Crisis |
1991 |
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120 |
66 |
Sundlun, Gov. Bruce: Correspondence (See also: DEPCO Correspondence) |
Jan - Mar 1991 |
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67 |
Sundlun, Gov. Bruce: Correspondence |
Apr - Jun 1991 |
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68 |
Sundlun, Gov. Bruce: Correspondence |
July 1991 - 1992 |
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69 |
Press Conference Announcing a Plan to End the Banking Crisis |
1992 |
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70 |
Testimony to the U. S. House of Representatives |
1991 |