Item 1.01. Entry Into a Material Definitive Agreement

On September 30, 2009, Bancorp Rhode Island, Inc. (the "Company") repurchased the warrant held by the United States Department of Treasury (the "Treasury") to purchase 192,967 shares of the Company's common stock (the "Warrant"). The Warrant was issued to the Treasury on December 19, 2008 as part of the Company's participation in the Treasury's Capital Purchase Program. The purchase price paid by the Company to repurchase the Warrant was $1,400,000.