American Federal achieves third "outstanding" CRA rating.GREENVILLE, S.C.--(BUSINESS WIRE)--Sept. 21, 1995--American Federal Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus (Nasdaq:AMFB AMFB Acquisition Management Functional Board (DoD DAU) AMFB Alfred Murrah Federal Building ) today announced it has again been awarded an "outstanding" rating for its record in meeting the credit needs of the Bank's market, including low and moderate income neighborhoods. American Federal has earned the highest rating possible on all three of its Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. (CRA See Community Reinvestment Act. ) evaluations by the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. . Roy Abercrombie, Chairman and Chief Executive Officer, said, "We consider CRA an opportunity to become more involved in the communities we serve. The meetings we hold with community leaders and the partnerships we've developed with local organizations keep us in touch with changing conditions in our market." American Federal participates in city, state and federal programs to fund affordable housing and other special needs of low to moderate income borrowers. The Bank is also the leading South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. financial institution in Home Equity Conversion Mortgages, which provide loans to seniors to maintain their quality of life while remaining in their own home. In addition, the Bank offers a number of consumer education programs and works actively through the school systems to provide a broader understanding of the wise use of credit and financial services in general. "Our interest is in seeing individuals, families and businesses flourish. That's in the best interest of communities and it provides many sound business opportunities for American Federal," Abercrombie continued. A detailed report of the Bank's CRA activities and service awards is available upon request. American Federal has $1.3 billion in assets and 41 branch offices covering twelve counties in the northwestern region of South Carolina. The Bank also owns Finance South, a consumer finance company with 16 branch offices. CONTACT: American Federal Bank, Greenville Kent Dill, 803/255-7289 |
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