Seventy-seven of the 87 banks given Community Reinvestment Act (CRA) ratings in February – or 88.5% of the total rated – earned the “satisfactory” rating, according to the list released Friday by the Federal Deposit Insurance Corp. (FDIC).
Of the remaining banks, two of them were deemed “needs to improve,” while another eight were rated “outstanding.”
The two banks rated “needs to improve” were State Bank of Schaller, Schaller, Iowa; and Farmers and Merchants Bank, Axtell, Neb. The eight “outstanding” ratings went to High Plains Bank, Keyes, Okla.; The Seymour Bank, Seymour, Mo.; Bangor Savings Bank, Bangor, Maine; Two River Community Bank, Tinton Falls, N.J.; Citizens Bank of Pennsylvania, Providence, R.I.; Continental Bank, Salt Lake City, Utah; EnerBank USA, Salt Lake City, Utah; and Security State Bank, Centralia, Wash.
The anti-redlining CRA, enacted in 1977, 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. Possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. None of the banks rated in February were deemed to be in substantial noncompliance.
FDIC Issues List of Banks Examined for CRA Compliance