(SitNews) Ketchikan, Alaska - First Bank received the highest possible rating from the FDIC for its most recent performance under the Community Reinvestment Act (CRA). The Community Reinvestment Act of 1977 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. Less than 5% of banks nationwide earned that distinction in 2011. This is the sixth “Outstanding” rating awarded to First Bank.

First Bank is a regional full service bank serving businesses, consumers and governments in Southeast Alaska since 1924. First Bank has eight branch locations in Ketchikan, Juneau, Sitka, Petersburg, Wrangell and Craig, Alaska.

The "Outstanding" rating is based on First Bank’s performance under the lending, investment and service tests. These tests examine mortgage, small business and community development lending, community development investments and community development services in the communities the bank serves. First Bank’s area encompasses Southeast Alaska.

“First Bank is committed to the vitality and success of the customers and communities we serve throughout Southeast Alaska.” commented Michael Medford, Vice President and Community Reinvestment Officer for First Bank. He also added “We are honored to receive this rating which represents that commitment and reflects the successful community partnerships that we have formed over the years which allow the bank to serve a vital role in the community and economic development of our markets.”

The Community Reinvestment Act (CRA) evaluation made specific references to First Bank’s strengths including its in lending efforts to small businesses and participation in community development. Since the last CRA rating, First Bank originated 44 community development loans for over $60 million to affordable housing and economic development projects. First Bank staff and directors have also participated in 2,392 service hours directly relating to community development and economic development

Source of News: 

First Bank
www.FirstBankAK.com

 

SitNews ©2012
Stories In The News
Ketchikan, Alaska

Articles & photographs that appear in SitNews may be protected by copyright and may not be reprinted without written permission from and payment of any required fees to the proper sources.