One bank was rated “needs to improve” and two were rated “outstanding” for their performance under the federal anti-redlining Community Reinvestment Act (CRA), the federal bank deposit insurer said in releasing its March ratings.
The remaining 63 banks on the March list were rated “satisfactory” under the CRA.
In a release Thursday, the Federal Deposit Insurance Corp. (FDIC) said it gave a “needs to improve” rating to Columbus State Bank, Columbus, Texas. The two rated “outstanding” were Carrollton Bank, Carrollton, Ill., and Stafford Savings Bank, Stafford Springs, Conn.
The March list includes no ratings of “substantial noncompliance.”
The FDIC noted that the 1977 CRA requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. Ratings under the CRA are disclosed by requirement of the 1989 Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA).
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