Beneficial National Bank receives "outstanding" CRA rating.WILMINGTON, Del.--(BUSINESS WIRE)--October 21, 1996--Beneficial National Bank (BNB BNB Bed 'n Breakfast BNB Banco do Nordeste do Brasil (Brazil) BNB Banque Nationale de Belgique BNB Bulgarian National Bank BNB British National Bibliography BNB Bad News Bears (movie) ), the commercial banking subsidiary of Beneficial Corporation, recently was rated "outstanding" by the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. following examination of the Bank's 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. performance. "BNB's lending patterns demonstrate a high degree of responsiveness to the credit needs of its assessment area," the OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). said in its evaluation report. "Services and products are readily available to geographies and individuals of different income levels in the assessment area." In its evaluation, the OCC found 60 percent of the Bank's Home Mortgage Disclosure Act (HMDA HMDA Hexamethylene Diamine (chemistry) HMDA Hitchhiker Motorized Door Assembly HMDA High Mobility DGM Assemblage HMDA Home Mortgage Disclosure Act of 1974 ) loans are granted to low- and moderate-income borrowers. That accounts for 51 percent of the HMDA dollars loaned by Beneficial National Bank. Additionally, the OCC found small business loan originations in 61 percent of both low- and moderate-income areas, with 51 percent of the Bank's total origination dollars in these tracts. Robert W. Pierce, president and chief executive officer of the Bank, said the OCC's evaluation demonstrates BNB's commitment to the New Castle County market, which is the Bank's designated assessment area. "We are proud to invest in the future of New Castle County and to provide the financial resources and tools necessary for our customers to prosper," Pierce said. In addition, the OCC highlighted BNB's commitment to investing in the community. "The bank displayed a relatively high level of innovation by donating a branch facility to a not-for-profit agency," the report said in reference to the donation of a bank building to Westside Health Service. "Private investors have not provided this type of contribution in the assessment area." The OCC emphasized that BNB planned to maintain a full-service branch in part of the Westside facility. The OCC report also commended BNB's staff and senior management for their participation in community projects and organizations. Beneficial Corporation is a $15 billion, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Stock Exchange-listed financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company. Subsidiaries of the Company provide financial services through their various consumer-finance, credit-card, banking and insurance operations located throughout the United States, Canada, the United Kingdom, Ireland and Germany. CONTACT: Robert Wade (302) 425-2500 http://www.beneficial.com |
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