Ben Craigie Appointed to CRA Officer
January 27, 2011
StonehamBank is proud to announce the appointment of Ben Craigie to Community Reinvestment Act (CRA) Officer, which was determined at the December 2010 Board of Director’s Meeting.
In addition to Craigie’s CRA Officer designation, he will continue his roles as Assistant Treasurer and Risk Management Auditor, where he manages the day-to-day operations of a bank wide program for risk management, compliance, Bank Secrecy, and audit matters.
As CRA Officer, Craigie will be responsible for ensuring compliance with the Community Reinvestment Act , evaluating new opportunities in both loan and deposit products, and certifying the bank’s mission of volunteerism continues each year. Through CRA, financial institutions are encouraged to meet any and all needs of borrowers across all segments of their respective communities. This includes low and moderate income neighborhoods. The law itself was originally enacted to combat discriminatory lending practices against low income segments and neighborhoods. To enforce the law, regulatory agencies review a bank’s CRA activities and practices during compliance examinations.
Additionally, the CRA Officer will manage and coordinate the volunteer efforts of StonehamBank and its staff. StonehamBank has supported local programs and establishments such as Community Dinner, Stoneham Town Day, Stoneham Theatre and the Central School in previous years, and remains committed to community involvement.
Craigie, a Stoneham resident, recently completed his MBA course requirements at Northeastern University. He will formally graduate in May with a Masters in Business Administration, specializing in Investments and Marketing.
StonehamBank is a full-service community bank offering state of the art products and services to residents and businesses throughout eastern Massachusetts and southern New Hampshire. In addition to providing progressive products and convenience services, StonehamBank believes in making a difference in the community through its Community Involvement Program and Charitable Foundation. For more information on StonehamBank, please visit www.stonehambank.com or call directly at 1-888-402-2265.
The Bank and the CRA Officer will continue to explore any new opportunities as they arise. For additional information related to CRA, or to discuss new prospects, please contact Ben Craigie via email bcraigie at stonehambank dot com or phone 781-481-5856.