Rhode Island Hospital Trust Building

Rhode Island Hospital Trust Company

Industry	Banking and finance
Founded	1867
Fate	Acquired by Bank of Boston in 1985
Successor	FleetBoston Financial (after mergers)
Headquarters	Providence, Rhode Island , United States

The Rhode Island Hospital Trust Building stands as a notable historic commercial edifice located in downtown Providence, Rhode Island. Designed by the architectural firm York & Sawyer, its construction was finalized in 1920. Since 2006, this building has served as the location for dormitory accommodations and the Fleet Library of the Rhode Island School of Design.

History and description

Established in 1867, the Rhode Island Hospital Trust Company was created to oversee the financial matters of Rhode Island Hospital, which had been founded in 1863. It holds the distinction of being the first trust company in New England. Initially, the institution directed a share of its earnings to support the hospital until 1880, when alternative funding avenues were secured. The original bank building on this site was designed in the Richardsonian Romanesque style by Anglo-American architect Robert W. Gibson and completed in 1891. Later, in 1903, it underwent expansion by Peabody & Stearns, who added a fifth floor and enhanced the main entrance.

By the mid-1910s, having grown into Rhode Island’s largest bank, it required a new headquarters. Planning commenced in 1916, with construction beginning in 1917 under the guidance of architects York & Sawyer and builder George A. Fuller Company, both based in New York City. Progress was hindered due to material shortages during World War I. The construction proceeded in two stages: the initial phase in 1919 enclosed the existing building, while the subsequent phase in 1920 replaced it entirely. The final design presented an eleven-story Renaissance palazzo style structure featuring a steel skeleton clad with marble on its lower sections and limestone above. The interior’s focal point was a grand banking hall occupying most of the ground floor, distinguished by a vaulted ceiling supported by twenty-four Corinthian columns, embodying Renaissance architectural influences.

An extension was completed in 1927 on the southwestern side near the Westminster and Fulton Street entrances. This addition, also designed by York & Sawyer, was crafted to complement the original building’s aesthetics.

Later history

In response to concerns about bank nationalization following the 1933 banking crisis and Emergency Banking Act, the institution established the Rhode Island Hospital National Bank in 1933 to handle its commercial operations. This entity began operations in 1934 and later reintegrated with the trust company in 1951. The bank reorganized as Rhode Island Hospital Trust National Bank in 1969. By 1973, after completing One Financial Plaza, it occupied both properties. Throughout the twentieth century, it absorbed around twelve Rhode Island banks before being acquired by Bank of Boston in 1985. Bank of Boston rebranded as BankBoston in 1996 and retained the Hospital Trust name until 1998, just before merging with Fleet Financial Group to create FleetBoston Financial—successor to the Industrial Trust Company, which had been Hospital Trust’s main local rival.

In 2002, FleetBoston gifted the former banking hall to the Rhode Island School of Design (RISD) for use as a library space. Both bank buildings were sold to Gilbane in 2003, who redeveloped the older structure into student housing for RISD and subsequently sold it to RISD in 2005 for $47 million. The Fleet Library opened its doors in 2006, with design work led by RISD alumnus Nader Tehrani. In 2007, this building was renamed the Roger Mandle Building to honor a former RISD president. Today, it accommodates RISD’s Fleet Library, Portfolio Cafe, and student dormitories.

The building was officially listed on the National Register of Historic Places in 1976.

See also

• National Register of Historic Places listings in Providence, Rhode Island