PCU lauds state’s ‘Bank Local’ program

MIDDLETOWN – People’s Credit Union is praising the state’s “Bank Local” program, which aims to incentivize local financial institutions to make more local loans and be rewarded with state deposits.
PCU, based in Middletown, helped launch the program, and is looking to hold some of the state’s deposit money. The cash is given to local depositories who make loans to local businesses.
“People’s Credit Union is pleased to partner with the [General] Treasure’s Office on the ‘Bank Local’ program,” said Ellen Ford, PCU president and CEO. “This program demonstrates the cooperation between state government and business to strengthen Rhode Island’s small-business community. The program is a win-win for everyone involved.”
To start, the state is moving $30 million of deposits from big, national banks to small, local financial institutions. The state typically has between $500 million and $1 billion in cash deposits.