Professional Profile: Joe Petteruti - 1982

Name: Joe Petteruti - 1982

Title: Senior Vice President

Company: Old Stone Bank

Location: Providence, R.I.

Birthplace: Providence

Joseph Petteruti Jr.  attended Brown University in Providence and graduated with a B.A. in Political Science in 1969. After graduation, he worked for Chemical Bank in New York as a credit analyst. In 1972, Joseph joined the Old Stone Bank in Providence. Since that time he has been in the mortgage department, holding various positions in commercial mortgage lending. He was promoted to assistance VP in 1975 and to vice president in 1977. Recently, he was elected to his present position as a senior vice president for Old Stone. Joseph is responsible for the Retail Loan Division within Old Stone’s Personal Banking Group and for the Bank’s out of state, New England area, loan production offices. He is also president of the recently opened Old Stone Appraisal Co. Inc. and is a member of the senior management committee. Old Stone Bank originates residential mortgage loans in New England for sale into a secondary mortgage market. Typically, the loans are sold to FNMA, Freddie Mac or other S&L. Old Stone generates fee income in the origination and servicing of the loans. It has opened three loan production offices in New England this year: in Wellesley, Mass.; Farmington, Conn; and Nashua, N.H. Each of these offices is a subsidiary of Old Stone Bank. The Old Stone Appraisal Co. provides residential and commercial appraisals in Rhode Island. It can provide opinion letter, narrative appraisals and governmental agency (FHMLC/FNMA) appraisals. Joseph is active in Elmwood Neighborhood Housing Services and has served on the blue ribbon committee established by the mayor of Providence to study public housing issues. He is also a member of the Rhode Island Bankers Association, serving as chairman of its mortgage committee in ’80 and ’81. Joseph is interested in developing alternative and innovative loan instruments such as affordable mortgage and the unconventional mortgage. He is presently working on a new mortgage product which was expected to be announced this month. Joseph enjoys cross country skiing, bicycling and going to his favorite place, Block Island, where he vacations. He resides in East Providence with his wife, Jocelin, and his son Phillip.