Five banks in Wilmington rated as "satisfactory" by feds

Government
Money 07

ORGANIZATIONS IN THIS STORY

LETTER TO THE EDITOR

Have a concern or an opinion about this story? Click below to share your thoughts.
Send a message

Community Newsmaker

Know of a story that needs to be covered? Pitch your story to The Delaware Business Daily.
Community Newsmaker

A total of five banks in Wilmington, Delaware have been rated as "satisfactory" by federal regulators.

Under the Consumer Reinvestment Act (CRA) of 1977, federally insured banks in the United States are required to meet the credit needs of the entire community in which they serve -- including low- and moderate-income community members -- through the use of safe and sound banking operations.

CRA evaluations are meant to ensure financial institutions are meeting these expectations.

The Federal Reserve Board (FRB) and The Federal Deposit Insurance Corporation (FDIC) oversee evaluations of state-chartered financial institutions. Evaluations for national banks are handled by the Office of the Comptroller of the Currency (OCC).

Regulators follow one of three evaluation plans based on the institution's size, including: large banks with $1.25 billion in assets (investment test, lending test and service test); intermediate banks with at least $313 million in assets but less than $1.25 billion (lending test and community development test); and small banks for institutions with less than $313 million in assets (streamlined lending test).

At a financial institution's request, regulators will alternatively offer evaluations based on community development (business strategy) for wholesale and limited purpose banks; and strategic plans (open to any bank).

Wilmington Banks Receiving CRA Rating of satisfactory

Bank NameExam DateAsset Size
Artisans' Bank05/01/17$507.83 million
Santander Bank, N.A.10/16/17$74.57 billion
Applied Bank09/01/17$164.82 million
The Bancorp Bank04/01/18$3.99 billion
Wilmington Savings Fund Society, FSB08/07/17$6.83 billion

ORGANIZATIONS IN THIS STORY

LETTER TO THE EDITOR

Have a concern or an opinion about this story? Click below to share your thoughts.
Send a message

Community Newsmaker

Know of a story that needs to be covered? Pitch your story to The Delaware Business Daily.
Community Newsmaker

MORE NEWS