R.I. treasurer to evaluate relationship with Washington Trust after redlining settlement

Updated at 12:32 p.m.

GENERAL TREASURER JAMES A. DIOSSA said his office will be reevaluating the state’s relationship with Washington Trust Bank in the wake of a federal settlement alleging discriminatory lending practices./ PBN FILE PHOTO/SCOTT KINGSLEY
PROVIDENCE – General Treasurer James A. Diossa on Thursday announced his office will evaluate the state’s relationship with The Washington Trust Co., the Westerly-based institution that currently holds $190 million in state deposits. The announcement comes in the wake of Washington Trust agreeing to a $9 million settlement with the U.S. Department of Justice Wednesday…

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  1. Diossa should stay out of financial issues that are well beyond his intellectual capacity. WashTrust is one of the few remaining institutions founded in and remaining in RI. Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Rhode Islanders should be proud of it.

    Kudos to WashTrust for fulfilling its fiduciary responsibility to its depositors and shareholders by deploying their assets wisely instead of foolishly risking them on phony politically driven “social equity” initiatives.

  2. Shame on Washington Trust and their bigoted “redlining” and HOORAY for Treasurer Diossa for standing up for equality for all and HOORAY for the Federal Government for prosecuting this case and ensuring that the boys’-club racism of redlining will be called out every time it is found no matter the place it is found!
    If you were innocent you would have fought such SCANDALOUS allegations. It’s one thing to settle financial improprieties, it’s a whole ‘nother allegation when you’re accused of racist policies and actions!
    It’s disgraceful that you violated the Constitutional rights of Black and Latino Rhode Islanders with redlining and in so doing violated the trust of all Rhode Islanders.

    Time for Treasurer Diossa to move towards DECREASING the amount of money Washington Trust now holds for the state until the bank can PROVE that they are committed to ALL Rhode Islanders, not just the White and privileged ones.