An anti-redlining regulation rating of “substantial non-compliance” (SN) was issued for a Salt Lake City bank, according to the May list of banks examined for compliance with the rule and released Wednesday by the federal insurer of bank deposits.
According to the Federal Deposit Insurance Corp. (FDIC), Liberty Bank, Inc., of Salt Lake City received the lowest rating in the agency’s four-part rating system (the others being outstanding (O), satisfactory (S) and needs to improve NI)). A rating of substantial non-compliance is somewhat unusual; most banks receive an “S” rating in the monthly release of Community Reinvestment Act (CRA) exam rating results released by the agency in selected areas.
The agency offered no reason for the SN rating.
Meanwhile, another bank received the second lowest rating of NI from the FDIC: Oakwood Bank of Dallas, Texas, was given that rating – again, with no additional information from the agency.
On the other hand, five banks received the highest rating of “O” for their CRA compliance. Those were: Centinel Bank of Taos, N.M.; Central Bank of Kansas City, Mo.; Webster Five Cents Savings Bank of Webster, Mass.; Central Pacific Bank of Honolulu, Hawaii; and Eagle Bank of Polson, Mont.
An additional 54 banks received ratings of “S,” the FDIC said.
Monthly List of Banks Examined for CRA Compliance