The 59 banks that received their evaluation ratings under the anti-redlining Community Reinvestment Act (CRA) in December included five that were rated “outstanding” and two “needs to improve,” according to information released Thursday by the Federal Deposit Insurance Corp. (FDIC).
The remaining 52 banks on the list were rated “satisfactory,” the information shows. None received the rating of “substantial noncompliance.”
Rated “needs to improve” were The Farmers & Merchants Bank, Waterloo, Ala.; and Zenith Bank & Trust, Scottsdale, Ariz. Rated “outstanding” were The Tri-County Bank, Stuart, Neb.; State Bank of India (California), Los Angeles; Finance Factors, Ltd., Honolulu, Hawaii; Nelnet Bank, Draper, Utah; and Adams Community Bank, Adams, Mass.
The 1977 CRA, the agency noted, 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.
Leave a Reply