The Royal Bank of Scotland, parent company of Providence-based RBS Citizens Financial Group, has begun the process of looking for a new chief executive to replace Stephen Hester, who was pressured to step down last month.
The Washington Trust Co.’s growth mode appears to have downshifted a couple of gears as a result of increased competition and difficulties imposed by the state and national economy, even as the Westerly-based bank continued to report areas of improvement for the 2013 second quarter.
Call it the estate-devouring, nightmare home loan you hope to never encounter: A reverse mortgage with a base interest rate of 9.95 percent, plus a 50 percent share for the lender of increases in value of the house following closing, plus another 2 percent “maturity fee” to sweeten the payout even more. On top of that, there’s a $33,000 mandatory purchase of an annuity by the homeowner that is added to the principal balance and incurs compounding interest while lessening the lender’s future payments to the homeowner.
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