FDIC’s June CRA ratings of banks include 3 ‘outstanding,’ 3 ‘needs to improve’

Of the 76 banks assigned Community Reinvestment Act (CRA) evaluation ratings in June, three were found to be “outstanding” and three were rated “needs to improve,” according to results released Friday by the Federal Deposit Insurance Corp. (FDIC).

The remaining 70 banks evaluated by the FDIC were found to be “satisfactory” for their CRA efforts, the data show.

The anti-redlining CRA is a 1977 law 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. Four evaluation ratings are possible: outstanding, satisfactory, needs to improve, and substantial noncompliance.

The three banks rated “outstanding” in June were First Independence Bank, Detroit, Mich.; The Bank of Denver, Denver, Colo.; and Tompkins Trust Company, Ithaca, N.Y. The three rated “needs to improve” were The Northern State Bank of Gonvick, Gonvick, Minn.; Citizens State Bank of Tyler, Incorporated, Tyler, Minn.; and Union County Savings Bank, Elizabeth, N.J.

FDIC Issues List of Banks Examined for CRA Compliance

September 2020 List of Banks Examined for CRA Compliance