Two banks received “needs improvement” ratings in their most recent anti-redlining rules compliance exams, the federal insurer of bank deposits said Tuesday. Three banks earned “outstanding” compliance ratings.
In its February 2020 release of the list of banks examined for Community Reinvestment Act (CRA) compliance (reflecting ratings the FDIC assigned to the banks in November following their examinations), the Federal Deposit Insurance Corp. (FDIC) said Farmers and Mechanics Federal Savings Bank of Bloomfield, Ind., and Texas Exchange Bank (SSB) of Crowley, Texas, earned the “needs to improve” ratings. That rating is the next highest rating after “substantial noncompliance,” as assigned by the agency. No banks earned the lowest rating.
Meanwhile, three banks earned “outstanding” CRA ratings (the highest rating assigned), and the remaining 69 banks earned “satisfactory” ratings.
The three banks earning the top rating were: Community Savings Bank, Chicago; Santa Cruz County Bank, Santa Cruz, Calif.; and The Pitney Bowes Bank, Inc., Salt Lake City.
According to the FDIC’s website, 403 banks have earned the “outstanding” rating since 1997. At the other end of the spectrum – the rating of “substantial noncompliance” – only six banks have earned that rating since 2006. The latest such rating was released just last month (January 2020), with the Bank of Hamilton in Hamilton, N.D., earning the lowest rating.