Five banks – including eighth largest in the nation — were rated “outstanding” in their lending to low- and moderate-income (LMI) borrowers following examinations for anti-redlining rules; one bank was rated “needs improvement,” according to results for October released Friday by the federal insurer of bank deposits.
The six banks were among 72 whose results for compliance with Community Reinvestment Act (CRA) were made public by the Federal Deposit Insurance Corp. (FDIC). The 66 other banks on the list all earned ratings of “satisfactory” by the agency.
Banks earning “outstanding” ratings (the highest grade given) were:
- Truist Bank, Charlotte, N.C. (the eighth largest bank in the nation with more than $515 billion in assets);
- Garfield County Bank, Jordan, Mont.;
- McKinley Bank, Fairbanks, Alaska;
- Open Bank, Los Angeles, Calif.;
- Spring Bank, Brookfield, Wis.
The only bank to receive a rating of less than satisfactory was Hill Bank & Trust Co. of Weimar, Texas. The “needs improvement” rating is not the lowest rating; no bank earned that low ranking of “substantial non-compliance.”
Following its CRA rules, the FDIC assesses 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. Also, the agency take the record into account in the agency’s evaluation of an application for a deposit facility by the bank.
January 2025 List of Banks Examined for CRA Compliance
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