FDIC gives 6 banks ‘needs to improve’ CRA ratings; 5 were ‘outstanding’

Six of the 65 banks that received their Community Reinvestment Act (CRA) evaluation ratings in March were rated “needs to improve,” while another were deemed to be “outstanding,” the Federal Deposit Insurance Corp. (FDIC) reported Friday.

The remaining 54 banks were rated “satisfactory,” the report shows, with none rated as showing “substantial noncompliance.”

The agency noted that 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.

The six banks rated “needs to improve” in March were:

  • Bank of England, England, Ark.
  • Banco do Brasil Americas, Miami, Fla.
  • American Eagle Bank, South Elgin, Ill.
  • Southwest Capital Bank, Albuquerque, N.M.
  • MapleMark Bank, Dallas, Texas
  • Merrick Bank, South Jordan, Utah

The five rated “outstanding” were:

  • Republic Bank & Trust Company, Louisville, Ky.
  • Bridgewater Bank, Saint Louis Park, Minn.
  • First State Community Bank, Farmington, Mo.
  • Northway Bank, Berlin, N.H.
  • Crown Bank, Elizabeth, N.J.

FDIC Issues List of Banks Examined for CRA Compliance