PROVIDENCE – Citizens Bank has received a community reinvestment rating of “outstanding” from the U.S. Office of the Comptroller, or OCC, following its latest review of the Providence-based bank.
Citizens’ overall community reinvestment rating included a rating of “outstanding” on the agency’s lending and investments test and a rating of “high satisfactory” on the agency’s service test, the bank recently announced.
The ratings were for Citizens’ latest examination period, which spanned from January 2012 through June 2015.
The Community Reinvestment Act, or CRA, was federal legislation enacted in 1977 with the intent of encouraging banks to help meet the credit needs of surrounding communities, particularly low- and moderate-income neighborhoods.
“Helping make our communities stronger is at the heart of our values, and we are pleased that the OCC recognized Citizens’ work to put the needs of all customers front and center,” Citizens Chairman and CEO Bruce Van Saun said in a statement. “We look forward to further advancing our efforts to make our communities even better places to live, work and play.”
Notable achievements during the two-and-a-half-year exam period that helped boost Citizens’ CRA rating:
- Citizens extended nearly $1.5 billion to developments in local communities in the form of debt and equity.
- Citizens loaned more than $1 billion to small businesses and to businesses in low- and moderate-income areas.
- As of June 2015, more than 34 percent of Citizens’ branches were “readily accessible” to residents of low- and moderate-income areas.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.