Sixty out of the 65 banks that received their evaluation ratings in September under a federal anti-redlining statute were deemed “satisfactory,” according to information released Tuesday by the Federal Deposit Insurance Corp. (FDIC).
Of the remaining five banks rated, three were rated “outstanding” by the agency, and two were designated “needs to improve,” the information shows.
The FDIC noted that the statute, the 1977 Community Reinvestment Act (CRA), requires the agency 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.
Rated “outstanding” in their September evaluations were Bank of Wiggins, Wiggins, Miss.; Waukesha State Bank, Waukesha, Wis.; and Liberty Bank, Middletown, Conn. The two banks rated “needs to improve” were Sonata Bank, Brentwood, Tenn.; and The Berkshire Bank, New York, N.Y.
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