"Not only is affordable housing lending important to the community, but it's also good business," he adds.
But members of the Cambridge community as well as several council members say they do not feel the public was informed enough about the conversion.
Braude says depositors instead received a detailed prospectus outlining the plans for the conversion which he says no one could understand.
"What they got was a 194 page prospectus that Alan Dershowitz would have had a hard time understanding," Braude says.
Keegan disagrees, saying the bank did everything necessary to inform its depositors of the conversion.
The nearly 200-page prospectus included an eight page question and answer supplement. Posters informing bank patrons of the merger are also posted at every one of Cambridgeport's 10 locations in Massachusetts.
"It's about as clear as it could be," Keegan says.
Read more in News
Yale Rally Caps off Week of Sweatshop ProtestsRecommended Articles
-
Grafton Announces Impending DepartureGrafton Street, the three-and-a-half year-old bar and grille that had become a symbol of family entrepreneurship in Harvard Square, will
-
Grafton Set to Close April 15Grafton Street--the four-year-old bar and grille that has become a symbol of family entrepreneurship in Harvard Square--will vacate its prime
-
Harvard Will Sell Major Bank StockThe University yesterday announced that it will sell its stock in Citibank and Manufacturers Hanover Trust, two U.S. banks in
-
An ACSR of One's OwnBetter late than never. After saying last fall that it would do so, the Radcliffe Board of Trustees last Monday
-
Radcliffe Sells Bank of America StockRadcliffe last month sold $600,000 worth of Bank of America stock because the stock hit an acceptable price and because
-
Racquetwomen Win EasilyNear-freezing temperatures, strong winds, and the absence of their top player, Tina Bougas, didn't keep Harvard's racquetwomen from crushing Boston
