Winter Hill Bank receives 'Outstanding' rating for community reinvestment
Fri Oct 05, 2007, 04:48 PM EDT
Passed by Congress in 1977, CRA encourages financial institutions to help meet the credit needs of the communities in which they operate including low and moderate-income neighborhoods consistent with safe and sound banking operations. Federal regulators monitor whether banks are fulfilling their CRA obligations and they rate each bank based on their performance in lending, service and investments in the bank’s communities.
According to Sandra L. McGoldrick, President and CEO of Winter Hill Bank, "We are extremely proud to receive this high rating. We work hard to address the needs of every neighborhood we serve and this rating recognizes the strong commitment that the bank and our employees have to the community; not only today, but since our inception in 1906.”
Winter Hill Bank is a Mutual Federal Savings Bank with offices in Somerville, North Reading and Chelsea.
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