FDIC rates 9 out of 83 banks ‘outstanding’ for CRA, 2 ‘needs to improve’

Nine out of the 83 banks that received their Community Reinvestment Act (CRA) evaluation ratings in July were given the rating of “outstanding” by the federal insurer of bank deposits, while two received the rating of “needs to improve.”

The remaining 72 banks were deemed “satisfactory,” with no bank in this group given the rating of “substantial noncompliance” under the 1977 anti-redlining law, according to the list released Monday by the Federal Deposit Insurance Corp. (FDIC).

Banks rated “outstanding” in this latest round included Mechanics & Farmers Bank, Durham, N.C.; Stock Yards Bank & Trust Company, Louisville, Ky.; Home Savings Bank, Madison, Wis.; Bank of Yazoo City, Yazoo City, Miss.; International Bank of Commerce, Brownsville, Texas; BankPlus, Belzoni, Miss.; International Bank of Commerce, Oklahoma City, Okla.; Iowa State Bank, Des Moines, Iowa; and Banner Bank, Walla Walla, Wash.

Rated “needs to improve” were State Bank of Brooks, Corning, Iowa; and Hanmi Bank, Los Angeles, Calif.

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.

Be the first to comment

Leave a Reply

Your email address will not be published.