As pockets of the real estate market in Rhode Island climb out of the economic sludge of recession, Providence’s minority neighborhoods have been purposely bypassed by Santander Bank’s prime mortgage lending, according to a May 29 lawsuit filed by the city against the U.S. operations of the Madrid-based bank.
The name NewportFed has been phased out nine months after the bank’s acquisition by Willimantic, Conn.-based Savings Institute Bank & Trust, a change in original plans intended to keep the name and tradition of the Rhode Island financial institution,bank President and CEO Rheo Brouillard told Providence Business News.
(Updated, 3:26 p.m.)
The city has filed a federal lawsuit against Santander Bank alleging that the financial institution discriminated against the city’s minority communities by refusing to make prime mortgage loans as required by the Fair Housing Act, according to a press release from Mayor Angel Taveras.
Royal Bank of Scotland Group PLC agreed to sell its minority stake in a private-equity unit to an investor group led by buyout firm Adams Street Partners LLC, according to two people with knowledge of the matter.
By Kiel Porter, Richard Partington and Sabrina Willmer Bloomberg News
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