Seventy-one banks whose performance ratings under the anti-redlining Community Reinvestment Act (CRA) were announced Thursday were all rated either “outstanding” or “satisfactory,” according to the Federal Deposit Insurance Corp. (FDIC).
The information, which the FDIC said became publicly available in April, shows seven banks were rated “outstanding” and 64 were deemed “satisfactory.” None of the institutions received ratings of “needs to improve” or “substantial noncompliance,” the only other two ratings available.
The seven banks rated “outstanding” were Fowler State Bank, Fowler, Colo.; Hancock Whitney Bank, Gulfport, Miss.; The First State Bank of Ransom, Ransom, Kan.; Tri Counties Bank, Chico, Calif.; Banner Bank, Walla Walla, Wash.; The Pitney Bowes Bank, Inc., Salt Lake City, Utah; and Flushing Bank, Uniondale, New York.
The FDIC said the 1977 CRA requires the agency 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.
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