4 , ▁he ▁failed ▁to ▁win ▁the ▁Democratic ▁primary ▁against ▁My r th ▁York , ▁and ▁she ▁was ▁defeated ▁in ▁the ▁general ▁election . ▁Rh ode ▁Island ▁would ▁not ▁have ▁another ▁Democratic ▁governor ▁in ▁office ▁until ▁former ▁Republican ▁Lincoln ▁Cha fe e ▁switched ▁to ▁the ▁Democratic ▁party ▁in ▁ 2 0 1 3 , ▁having ▁been ▁elected ▁as ▁an ▁Indep ened ent ▁candidate ▁in ▁ 2 0 1 0 . ▁ ▁Only ▁one ▁hour ▁after ▁Sund l un ' s ▁inaug uration ▁as ▁governor ▁on ▁January ▁ 1 , ▁ 1 9 9 1 , ▁he ▁announced ▁the ▁closure ▁of ▁ 4 5 ▁banks ▁and ▁credit ▁un ions ▁in ▁the ▁state ▁due ▁to ▁the ▁collapse ▁of ▁their ▁private ▁ins urer , ▁the ▁Rh ode ▁Island ▁Share ▁and ▁De pos it ▁Ind em n ity ▁Corporation ▁( R IS D IC ). ▁Resol ution ▁of ▁the ▁crisis ▁was ▁through ▁Sund l un ' s ▁creation ▁of ▁the ▁Rh ode ▁Island ▁De pos itor ' s ▁Econom ic ▁Prote ction ▁Corporation ▁( DE P CO ) ▁to ▁manage ▁the ▁assets ▁of ▁closed ▁banks ▁and ▁ass ure ▁depos itor ▁rep ay ment . ▁Sund l un ▁served ▁as ▁the ▁chairman ▁of ▁the ▁DE P CO ▁board ▁of ▁direct ors ▁and ▁was ▁primarily ▁a ided ▁by ▁his ▁director ▁of ▁policy ▁Sh eld on ▁White house . ▁Despite ▁considerable ▁political ▁resistance ▁and ▁the ▁permanent ▁closure ▁of ▁several ▁institutions ▁due ▁to ▁their ▁failure ▁to ▁ac quire ▁Federal ▁De pos it ▁In sur ance ▁Corporation ▁or ▁National ▁Cred it ▁Union