Six of the 72 banks recently evaluated for compliance with the anti-redlining Community Reinvestment Act (CRA) won evaluation ratings of “outstanding,” according to information released Wednesday by the Federal Deposit Insurance Corp. (FDIC).
The remaining 66 banks on the agency’s November list were rated “satisfactory,” with no bank receiving a rating of “needs improvement” or “substantial noncompliance.”
The six banks rated “outstanding” include: Union Savings Bank, Freeport, Ill.; West Bank, West Des Moines, Iowa; The Kearny County Bank, Lakin, Kan.; Enterprise Bank & Trust, Clayton, Mo.; Rockland Trust Company, Rockland, Mass.; and BayVanguard Bank, Baltimore, Md.
The 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.