Printer Friendly

STERLING BANK RATED OUTSTANDING ON CRA

 WALTHAM, Mass., May 3 /PRNewswire/ -- Sterling Bank, a subsidiary of Sterling Bancshares Corporation (NASDAQ: STLG), today announced that the Federal Deposit Insurance Corporation (FDIC), following a recent examination of the performance of Sterling Bank relative to the Community Reinvestment Act of 1977 (CRA), rated the bank's compliance "outstanding." In 1992, the FDIC awarded this significant rating to only 10 percent of the banks it examined.
 According to the CRA rating system, "an institution in this group has an outstanding record of, and is a leader in, ascertaining and helping to meet the credit needs of its entire delineated community, including low-and moderate-income neighborhoods." The rating is based on the FDIC's assessment of the institution's record and takes into account its financial capacity and size, local economic conditions and demographics, including the competitive environment in which it operates.
 John C. Warren, chief executive officer of Sterling Bank, commented, "We are extremely proud of our accomplishment and as a community bank, we believe that it is an important part of our strategic mission to meet the needs of our communities. Additionally, our directors, officers and employees spend hundreds of hours working on projects and programs designed to benefit the many communities we serve. All of our activities are part of an ongoing effort to be a proactive, supportive corporate citizen."
 Sterling Bank has assets of $931 million and offers a comprehensive line of business and personal banking services in its 13 offices located in nine communities in Middlesex County.
 -0- 5/3/93
 /CONTACT: Karen A. Wharton, vice president of investor relations of Sterling Bank, 617-894-7790/
 (STLG)


CO: Sterling Bancshares Corporation; Sterling Bank ST: Massachusetts IN: FIN SU: RTG

MP -- NE022 -- 3973 05/03/93 16:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 3, 1993
Words:286
Previous Article:THREE-WAY PARTNERSHIP FORMS TO BRINGMULTIPLEX THEATERS TO NETHERLANDS
Next Article:LONE STAR CASINO CORPORATION SHARES BEGIN TRADING OVER-THE-COUNTER (OR ON NASDAQ)
Topics:


Related Articles
NBD BANK GETS 'OUTSTANDING' CRA RATING
S&T BANK RECEIVES OUTSTANDING COMMUNITY REINVESTMENT ACT RATING
NBD BANK GETS 'OUTSTANDING' CRA RATING FOR SECOND CONSECUTIVE YEAR
BANKS AND THRIFTS RECEIVED HIGHER CRA RATINGS IN 1993, ACCORDING TO ANALYSIS BY CRA/HMDA UPDATE
BANK OF AMERICA EARNS SECOND "OUTSTANDING" RATING FOR COMMUNITY REINVESTMENT PROGRAMS
OCC RELEASES COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATIONS
FIRST CITIZENS BANK RECEIVES SECOND CONSECUTIVE OUTSTANDING CRA RATING
MERIDIAN BANK RECEIVES THIRD STRAIGHT 'OUTSTANDING' RATING FOR COMMUNITY REINVESTMENT EFFORTS
WACHOVIA MEMBER COMPANIES RECEIVE 'OUTSTANDING' CRA EVALUATIONS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters