Webster Five Receives “Outstanding” CRA Rating
Auburn, MA – In its most recent evaluation by the Massachusetts Division of Banks and the Federal Deposit Insurance Corporation, Webster Five was awarded an “Outstanding” rating for community reinvestment, the highest possible rating available.
Banks go through a rigorous evaluation process to secure a CRA rating. Based on the institution ratings list provided by the Division of Banks, less than 12 percent of banks assessed in the state are currently rated as Outstanding.
Overall CRA performance highlights:
Some of the overall achievements for Webster Five during the evaluation period which resulted in the “Outstanding” rating include:
- In the area of lending, Webster Five achieved high marks via its commitment of a combined $294.5mm in home mortgage and small business loans within the assessment area, providing growth opportunities for both consumers and businesses in the community
- With $20.1mm in qualified equity investments and $849k in donations in the assessment area, Webster Five achieved an 88% increase over their previous CRA exam period in which Webster Five received a “high satisfactory” rating
- Webster Five was recognized for its retail banking effectiveness and availability, as well as its innovation, by performing 143 combined community development services in the areas of affordable housing, community service and economic development
“Supporting and improving the communities that we serve is foundational to Webster Five,” said Don Doyle, president and CEO. “From consumers to businesses and non-profits, Webster Five’s mission is to help our customers grow, thrive and find long-term success and security while achieving their banking goals.”
The Community Reinvestment Act of 1977 was implemented to encourage financial institutions to help meet the credit needs of all the communities in which they serve, including low- and moderate-income neighborhoods.
Community banks have long played an integral role in boosting the local economy and supporting the communities in which they serve. With recent uncertainty swirling around the banking industry, Webster Five offers consumers, businesses and non-profits not only a wide range of products and services but also the stability and community support that can’t be matched by their larger counterparts.
“We are proud of the work we have done to help build affordable housing, increase equitable lending, and support economic development in Worcester County,” added Doyle. “Additionally, the grant-giving efforts of the Webster Five Foundation support non-profits in their missions to improve access to education, arts, social services and community development.”