Bank of Fall River Receives Highest Possible Rating for Community Reinvestment; Bank has earned consistent '''Outstanding'' ratings since 1996.FALL RIVER, Mass. -- The Bank of Fall River announced today that it has once again received an "Outstanding" rating for compliance with the 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. ). This highest possible regulatory rating resulted from the 2006 performance evaluation Performance evaluation The assessment of a manager's results, which involves, first, determining whether the money manager added value by outperforming the established benchmark (performance measurement) and, second, determining how the money manager achieved the calculated return by Commonwealth of Massachusetts bank examiners. The announcement was made by John H. Clifford
John H. Clifford (1809 - 1876), U.S. political figure; was Governor of the Commonwealth of Massachusetts for a single term, from 1853 to 1854. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bank of Fall River, upon receipt of the compliance report of examination. The Bank received its first "Outstanding" rating in 1996 and has consistently earned this rating with each successive examination. "This rating emphasizes what the Bank of Fall River is all about. We are a local bank, committed to serving our community," Clifford said. "We are proud to have maintained this rating over the past decade, since fewer than 17 percent of all banks regulated by the Commonwealth earn the Outstanding rating." The rating is based on the Bank's responsiveness to community needs as demonstrated by the volume of small business lending, investments in community development, loans to low and moderate income neighborhoods, and level of service and accessibility within its entire assessment area of Berkley, Dartmouth, Dighton, Fall River, Fairhaven, New Bedford New Bedford, city (1990 pop. 99,922), seat of Bristol co., SE Mass., at the mouth of the Acushnet River on Buzzard's Bay; settled 1640, set off from Dartmouth 1787, inc. as a city 1847. , Somerset, Swansea, Taunton, Tiverton, R.I., and Westport. The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Congress enacted the CRA in 1977 to encourage banks and other depository institutions to meet the credit needs of their home communities, including low- and moderate-income neighborhoods. The enabling legislation upholds the idea that banks will provide for the convenience and needs of their local communities, consistent with sound banking practices. A complete report on the Community Reinvestment Act Performance Evaluation is available at all of the Bank's locations. Chartered in 1888, the Bank of Fall River is an independent bank with four full-service offices, in Fall River, Fairhaven, and North Dighton/Taunton. The Bank of Fall River has assets of more than $150 million. |
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