Seven banks, out of 67 evaluated, earned “outstanding” ratings this month for compliance with the Community Reinvestment Act, the Federal Deposit Insurance Corp. (FDIC) said Friday. No banks earned a rating of less than “satisfactory.”
The ratings for the state nonmember banks were for the evaluations assigned to institutions in October 2017. The report is the first of 2018 for the deposit insurance agency.
Banks earning the “outstanding” ratings were: Central Pacific Bank, Honolulu, Hawaii; West Bank, West Des Moines, Iowa; State Bank of Bement, Bement, Ill.; Bank of Calhoun County, Hardin, Ill.; Heartland Bank, Geneva, Neb.; Beneficial Bank, Philadelphia, Pa.; and Pinnacle Bank, Nashville, Tenn.
The remaining 60 banks received ratings of “satisfactory.” No bank earned either a “needs to improve” or “substantial non-compliance” rating.
Six of the 67 banks evaluated were in Illinois; five in Kansas; four each in Alabama, Iowa, Wisconsin, and Tennessee; three each in Massachusetts, Minnesota, New York, and Washington; two each in California, Georgia, Indiana, Louisiana, Missouri, Texas, and Pennsylvania; and one each in Arkansas, Colorado, Delaware, Florida, Hawaii, Kentucky, Mississippi, North Dakota, Puerto Rico, South Dakota, and Virginia.
CRA is intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations, the FDIC said.