This story has been edited for a correction the FDIC made to its list released Thursday; the list now includes 68 banks, not 69.
Four out of the 68 banks whose Community Reinvestment Act (CRA) ratings were assigned in October were rated “outstanding,” the Federal Deposit Insurance Corp. (FDIC) shows in data released Thursday.
The evaluation ratings under the anti-redlining statute also included one rating of “needs to improve” and 63 ratings of “satisfactory.” No bank in the current list was shown with a rating of “substantial noncompliance.”
The FDIC noted that 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.
The four banks rated “outstanding” in this most recent round were West Bank, West Des Moines, Iowa; Pioneer Bank, Albany, N.Y.; Montecito Bank & Trust, Santa Barbara, Calif.; and Genesis Bank, Newport Beach, Calif.
The “needs to improve” rating went to First Trust and Savings Bank, Coralville, Iowa.