PROVIDENCE – Citizens Financial Group Inc. announced its Citizens Bank N.A. subsidiary has received an “Outstanding” rating from the Office of the Comptroller of the Currency for its most recent performance under the Community Reinvestment Act.
The highest possible rating from the OCC, the bank has consistently achieved the “Outstanding” rating since its initial public offering in 2015, according to a news release.
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Adopted in 1977, the act requires federally insured deposit-taking institutions to support the borrowing needs of all the communities where they do business, including low– and moderate–income areas. Banks were rated during the evaluation period from January 2019 to December 2021 for their lending, investments and service activities.
Community achievements during the period that led to the “Outstanding” rating include:
- Citizens extended more than $4 billion in community development qualified loans and investments to help stabilize and revitalize neighborhoods by supporting affordable housing and community services.
- Citizens loaned more than $3.8 billion to small businesses and to businesses in low- and moderate-income communities.
- Citizens made more than $12 billion in mortgage loans to low- and moderate-income borrowers and to borrowers in low- and moderate-income communities.
- As of December 2021, nearly 35% of Citizens branches were readily accessible to residents of low- and moderate-income communities.
“Citizens is committed to ensuring the communities we serve have access to the resources needed to reach their potential,” Bruce Van Saun, Citizens Financial Group chairman and CEO, said in a statement. “We are pleased that the OCC has recognized our efforts with this rating and remain focused on helping build strong communities across our footprint.”
Headquartered in Providence, Citizens Financial Group is one of the nation’s oldest and largest financial institutions, with $223.1 billion in assets as of June 30 and approximately 3,400 ATMs and 1,100 branches in 14 states and the District of Columbia.
