Two banks earn ‘needs to improve’ CRA ratings; six earn ‘outstanding’ marks

Two banks earned ratings of “needs to improve” with regulations implementing anti-redlining laws, the federal insurer of bank deposits said Friday – but six banks earned ratings of “outstanding” compliance.

In Community Reinvestment Act (CRA) ratings released for June (and assigned in March), the Federal Deposit Insurance Corp. (FDIC) said Southern First Bank of Greenville, S.C., and Farmers and Mechanics Federal Savings Bank of Bloomfield, Ind., earned the “needs to improve” ratings.

At the same time, the FDIC said it had awarded “outstanding” ratings for CRA compliance to: Live Oak Banking Company, Wilmington, N.C.; United Cumberland Bank, Whitley City, Ky.; Bank of Cashton, Cashton, Wis.; First State Bank, Waynesboro, Miss.; The Pitney Bowes Bank, Inc., Salt Lake City, Utah; Central Valley Community Bank, Fresno, Calif.

The bank deposit insurance agency also said 49 banks around the country received “satisfactory” ratings for their compliance with the rules implementing the anti-redlining laws.

FDIC Issues List of Banks Examined for CRA Compliance

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