Three banks rated “outstanding” and 35 deemed “satisfactory” for their performance under the anti-redlining Community Reinvestment Act (CRA) were on the latest list of banks rated by the Federal Deposit Insurance Corp. (FDIC) in January.
The list, released Friday, shows “outstanding” ratings were assigned to CentreBank, Veedersburg, Ill.; First Federal Savings and Loan Bank, Olathe, Kan.; and Spencer Savings Bank, SLA, Elmwood Park, N.J.
The agency said 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. One of four ratings is possible: “outstanding,” “satisfactory,” “needs to improve,” and “substantial noncompliance.” Friday’s list included no bank rated “needs to improve” or “substantial noncompliance.”
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