Of the 78 banks that received evaluation ratings in March under the anti-redlining Community Reinvestment Act (CRA), 10 of them – or 12.8% – earned the rating of “outstanding,” according to information released Thursday by the Federal Deposit Insurance Corp. (FDIC).
Of those 78 rated, just one – Horizon Bank of Waverly, Neb. – was rated as “needs to improve.” The remaining banks – 67 in all – were deemed “satisfactory.”
The 1977 CRA is intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. Any of four ratings is possible in an evaluation of a bank’s success in meeting those needs: outstanding, satisfactory, needs improvement, and substantial noncompliance.
No bank on the FDIC’s list of March CRA ratings was marked for “substantial noncompliance.”
The 10 banks rated “outstanding” in March for CRA include:
- United Bank, Atmore, Ala.
- Heritage First Bank, Rome, Ga.
- Boonville Federal Savings Bank, Boonville, Ind.
- Centinel Bank of Taos, Taos, N.M.
- Bridgewater Bank, Saint Louis Park, Minn.
- Savings Bank of Danbury, Danbury, Conn.
- Discover Bank, Greenwood, Del.
- BankGloucester, Gloucester, Mass.
- Merrick Bank, South Jordan, Utah
- Wheatland Bank, Spokane, Wash.