One bank earned an “outstanding” rating and another a rating of “needs improvement” out of a total 75 evaluations conducted in May for Community Reinvestment Act (CRA) compliance by the federal insurer of bank deposits, the agency said Monday.
In a release, the Federal Deposit Insurance Corp. (FDIC) said Central Bank and Trust Co. of Lexington, Ky., had earned an “outstanding” CRA compliance rating. At the same time, the agency said it gave PrinsBank of Prinsburg, Minn., a “needs improvement” rating.
The other 73 banks evaluated in May were all given ratings of “satisfactory.”
The FDIC rates a bank it evaluates for CRA performance with one of four scores (running from best to least favorable): Outstanding, satisfactory, needs to improve, and substantial noncompliance.