1109525--3/16/2009--BANCORP_RHODE_ISLAND

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{condition, economic, financial}

{loan, real, estate}

{stock, price, operating}

{product, market, service}

{competitive, industry, competition}

{tax, income, asset}

{provision, law, control}

{loss, insurance, financial}

{control, financial, internal}

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{regulation, change, law}

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Recent negative developments in the financial services industry and U.S. and global credit markets may adversely impact our operations and results. The continuation of adverse market conditions in the U.S. economy and the markets in which we operate could adversely impact us. Current regional and local economic conditions could adversely affect our profitability. Competition with other financial institutions could adversely affect our franchise growth and profitability. Fluctuations in interest rates could adversely impact our net interest margin. Changes in customer behavior could adversely affect our profitability. Our focus on commercial lending may result in greater risk of losses. Our allowance for loan and lease losses may be insufficient to cover actual loan and lease losses. We may be required to record an impairment charge for goodwill related to acquisitions. Our operations and profitability could be adversely affected by continued deterioration of the Federal Home Loan Bank System. We may experience a decline in the market value of our investment securities. Mortgage loan modification programs and future legislative action may adversely affect the value of, and the returns, on the investment securities that we own. Expanding the franchise may limit increases in profitability. Our growth is substantially dependent on our management team. Our operating history is not necessarily indicative of future operating results. Our controls and procedures may fail or be circumvented. We face various technological risks. We encounter technological change continually. Extensive government regulation and supervision have a significant impact on our operations. Our common stock has limited liquidity. Fluctuations in the price of our stock could adversely impact your investment. There are limitations on our ability to pay dividends. Certain Anti-Takeover measures affect the ability of shareholders to effect takeover transactions. The Series A preferred shares impact net income available to our common shareholders and our earnings per share. Holders of the Series A preferred shares have rights that are senior to those of our common shareholders. Holders of the Series A preferred shares may, under certain circumstances, have the right to elect two directors to our board of directors. Holders of the Series A preferred shares have limited voting rights. Directors and executive officers own a significant portion of our common stock.

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1109525--3/16/2009--BANCORP_RHODE_ISLAND_INC