Three banks earned “outstanding” ratings in December for their efforts to make loans in low- and moderate-income (LMI) areas, the regulator of national banks said Thursday.
The banks are The First National Bank of Sparta (Sparta, Ill.), First Seacoast Bank (Dover, N.H.) and Metropolitan Bank and Trust Company (New York, N.Y.), according to the Office of the Comptroller of the Currency (OCC). The ratings they received are the highest bestowed by the agency.
The banks were among 16 institutions whose ratings for compliance with anti-redlining rules under the Community Reinvestment Act (CRA) were released by the agency.
The other 13 banks on Thursday’s list were all rated “satisfactory.” No banks were given the lowest ratings of “needs improvement” or “substantial non-compliance.”
Under the CRA, federal banking agencies assess a bank’s record of meeting the credit needs of its entire community, including LMI neighborhoods, consistent with the safe and sound operation of such institution, according to the OCC. Also, the agencies take the record into account in the agency’s evaluation of an application for a deposit facility by the bank.
OCC Releases CRA Performance Evaluations for 16 National Banks and Federal Savings Associations
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