Eight banks earned ratings of “outstanding” for their compliance with rules implementing anti-redlining laws, two federal banking agencies said Monday.
However, those agencies also reported three banks “need to improve” their compliance with rules implementing the Community Reinvestment Act (CRA). One bank earned a “substantial noncompliance” rating from one of the agencies.
The Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) released CRA compliance ratings for 80 banks, based on evaluations completed in January through April.
Both of the agencies reported four banks each that they evaluated earned the “outstanding” rating, the highest awarded by the regulators. Those were:
WesBanco Bank, Inc., Wheeling, W.V.; FNB Bank, Inc., Mayfield, Ky.; Hills Bank and Trust Co., Hills, Iowa; Bank of Eastern Oregon, Heppner, Oregon; State Bank of the Lakes, National Association, Antioch, Ill.; The First National Bank of Le Center, Lonsdale, Minn.; Mccurtain County National Bank, Broken Bow, Okla.; and Synchrony Bank, Draper, Utah.
The banks earning the “needs to improve” label were: First National Bank, Chisholm, Minn.; First Secure Community Bank, Sugar Grove, Ill.; and First State Bank, Socorro, N.M.
Earning the lowest rating conferred by the regulators of “substantial noncompliance” was Independence Bank of East Greenwich, R.I.
The other 68 banks evaluated earned ratings of “satisfactory,” the most common rating issued by the agencies.