By Rhonda Miller
PBN Staff Writer
WASHINGTON – Several banks in Rhode Island, Massachusetts and Connecticut received “satisfactory” ratings in the Federal Deposit Insurance Corp.’s April list of banks examined for compliance with the Community Reinvestment Act, according to the FDIC.
The banks that received the satisfactory ratings include The Washington Trust Co. of Westerly; in Massachusetts, Clinton Savings Bank, Everett Co-operative Bank and Millbury Savings Bank; and in Connecticut, the Guilford Savings Bank.
The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods