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Rhode Island Depositors Economic Protection Corporation (DEPCO) records

 Series — Box: Rhode Island Depositors Economic Protection Corporation (DEPCO) records, 1944-2011
Identifier: 2002-09

Scope and Contents

The Rhode Island Depositors Economic Protection Corporation (DEPCO) records consist of records from the three DEPCO divisions: Warehouse, Loans, Administration and Payout and Investigations, Liability and Litigation. The records include corporate records, committee minutes, loan approvals, pension plans at institutions, balance sheets, payout, debentures and loan information, monthly proofs, bond information and vendor lists, loan reports, financials, legal documents, DEPCO payroll, depositions and videotapes.

Dates

  • 1944-2001
  • Majority of material found within 1991-1997

Creator

Language of Materials

English

Conditions Governing Access

No special restrictions unless otherwise specified.

Conditions Governing Use

Copyright is in the public domain unless otherwise specified. We reserve the right to restrict reproduction of materials due to preservation concerns.

Biographical / Historical

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.


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.

Extent

151.2 Cubic Feet

Overview

The Rhode Island Depositors Economic Protection Corporation (DEPCO) records consist of records from the three DEPCO divisions: Warehouse, Loans, Administration and Payout and Investigations, Liability and Litigation.

Immediate Source of Acquisition

Transferred from Peter Barton, DEPCO Investigations Manager, 832 Dyer Avenue, Cranston, R.I. 02920 on February 6, 2002 and May 30, 2002.

Accruals

No accruals are anticipated at this time.
Language of description
Undetermined
Script of description
Code for undetermined script

Repository Details

Part of the Rhode Island State Archives Repository

Contact:
33 Broad Street
Providence RI 02903 USA
401-222-2353