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Bank Rhode Island Signs Johnson & Wales University to CampusMate™ Program

PROVIDENCE, RI (June 6, 2002) – Bank Rhode Island announced today that Johnson and Wales University has joined its unique CampusMate™ Program, making the payment of tuition and fees easier for the more than 9,000 students at J&W’s Providence campus.

The CampusMate Program includes two components: CampusPay™, a funds transfer program, and CampusMate, an online bank account. CampusPay enables parents to electronically pay tuition and fees at Johnson & Wales, streamlines the financial administration of tuition payments for the school and also permits the funding of CampusMate, the student’s online bank account.

“We are delighted to offer the CampusMate Program,” said Robin Krakowsky, Vice President of Administration for Johnson & Wales University. “This is an innovative, creative program that really enhances our ability to service students. It will make it easier for families to make tuition payments and it will make it easier for us to record those payments quickly.”

“We are excited to be working with Johnson & Wales University,” added Merrill W. Sherman, President and CEO of Bank Rhode Island. “Johnson & Wales has a history of innovation and responsiveness, and we believe we fit that profile.”

What makes the patent-pending CampusMate Program unique is that it ties electronic funding mechanisms directly into the school’s financial systems. The school gets fast, automatic deposits, electronic tracking and automated reports that can be sorted by account, parent, student or transaction. Add to that the companion online student banking account, complete with a MasterCard Debit Card, with ATM access and check writing ability, and parents can take care of all a student’s financial needs through automatic bank transfers or by credit card.

“This program meets the needs of students, parents and the university,” said Patricia Hanratty, President of the Bank’s CampusMate Division. “It meets the personal banking needs of students. It interfaces with a school’s current systems, so universities receive a technological solution without having to invest in additional infrastructure or software. Perhaps most importantly, it allows the school to meet the parents’ expectations for service.”

Johnson & Wales will introduce the program at its Providence campus through an award-winning interactive CD-Rom this summer. The school is then looking to roll out CampusMate at its other campuses. The program will feature a custom designed ATM/debit card and a dedicated Johnson & Wales website.

Bank Rhode Island introduced its first CampusMate Program at Rhode Island School of Design (RISD) last summer. The program was co-branded with the school and more than 30 percent of the freshman class signed up for the program.

Johnson & Wales – America’s Career University® – was founded in 1914. It is a private, non-profit, accredited institution offering undergraduate and graduate degree programs in business, foodservice, hospitality and technology. With an enrollment of more than 13,000 students, Johnson & Wales is based in Providence, R.I., and maintains campuses in Charleston, S.C., Norfolk, Va., North Miami, Fla., Denver, Colo., and Gothenburg, Sweden. For more information about Johnson & Wales University, visit www.jwu.edu.

Bank Rhode Island, a wholly-owned subsidiary of Bancorp Rhode Island, Inc., is a full-service, FDIC-insured financial institution headquartered in Providence. As of March 31, 2002, Bancorp Rhode Island’s total assets stood at $930.5 million and total deposits were $692.7 million. Bancorp Rhode Island’s common stock is traded on the NASDAQ National Market under the symbol “BARI” and its corporate web site is located at www.bankri.com.

This release may contain “forward-looking statements” within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the company’s present expectations or beliefs concerning future events. The company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic conditions and changing competition which could cause actual future results to differ materially from those indicated herein. Further information on these risk factors is included in the company’s filings with the Securities and Exchange Commission.

Contact: Stephen Turgeon, Vice President, Corporate Communications, 401 456-5015 Ext. 1652

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