LELAND R. MERRILL is the executive vice president and chief operating officer at BankNewport, which has joined Rhode Island’s Bank Local program, an initiative for banks to boost lending to local small businesses in exchange for gaining state funds as deposits. / COURTESY BANKNEWPORT
PROVIDENCE – BankNewport and Freedom National Bank have joined General Treasurer Seth Magaziner’s Bank Local program, an initiative that incentivizes banks and credit unions to make loans to local small businesses. Bank Local moves the state’s cash, which historically has been deposited in big national and international banks, to Rhode Island credit unions and local…
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