Ratings assigned to 59 banks in June for their performance under the federal anti-redlining Community Reinvestment Act included two “outstanding” ratings and one “needs to improve,” according to information released Friday by the Federal Deposit Insurance Corp. (FDIC).
The remaining 56 banks listed were found to be “satisfactory,” the FDIC said. The list included no rating of “substantial noncompliance.”
The two banks rated “outstanding” were Eastern Bank, Boston, Mass.; and United Citizens Bank & Trust Company, Campbellsburg, Ky., the list shows. Rated “needs to improve” was Home Savings Bank, Salt Lake City, Utah.
The FDIC notes that 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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