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Worcester bank turns savings into investments. (Worcester County's Flagship Banks Inc.)
In an attempt to ease the credit crunch, help social programs, boost the local economy and garner favorable publicity, Worcester's Flagship Bank has created what appears to be a first-in-the-state investment plan using FDIC-insured passbook deposits.
Though there are other banks in the state with social consciences that as a matter of course give out loans to worthy (but sound) causes, it appears none have outlined such a specific program.
However, at the Vermont National Bank, customers can open any account--an IRA, CD, checking or savings--and specify that money as "socially responsible," or for environmental, educational or housing investments.
News of the Worcester Fund has spread rapidly throughout the banking community; Providence city officials, for example, have already asked the bank for …
