Bank of the West Earns "Outstanding" Rating from FDIC for its Community Reinvestment Act Performance Serving Low- and Moderate-Income Communities
SAN FRANCISCO, May 18, 2021 /PRNewswire/ -- Bank of the West, a subsidiary of BNP Paribas, today announced it has received an overall rating of "Outstanding" from the FDIC for its Community Reinvestment Act (CRA) Performance Evaluation. Less than 10% of banks receive a CRA rating of "Outstanding", the highest possible rating. In addition, Bank of the West also achieved individual "Outstanding" ratings in the Investment and Service test categories.
"We are proud to have received an Outstanding rating from the FDIC for the work our team members do every day to serve low- and moderate-income communities throughout our footprint," said Nandita Bakhshi, President and CEO at Bank of the West. "Using the power of finance to create a more equitable society is core to Bank of the West's efforts to advance sustainability and diversity."
The FDIC evaluates banks' performance in helping customers, businesses and local communities meet their credit needs, which include low- and moderate-income (LMI) individuals, LMI neighborhoods, and small businesses, consistent with safe and sound operation and banking practices. The CRA helps ensure banks meet the needs of low- and moderate-income neighborhoods, people, and businesses. The FDIC rates banks according to how well they honor the requirements of the federal law.
The FDIC's performance evaluation cites Bank of the West as "a leader" in making community development loans designed to help low- and moderate-income areas. From the August 2017 to September 2020 period evaluated, this included:
- More than $3.9 billion in loans impacting affordable housing, community services, economic development and revitalization or stabilization of low- and moderate-income areas.
- More than $565 million in investments that support underserved communities through affordable housing, small business development and community service-related nonprofit organizations.
"It is gratifying to see that our work, particularly in the area of affordable housing, is making a difference," said Norman A. Bliss, Senior Vice President, Community Reinvestment Group Manager, Bank of the West. "By working closely with developers and investors, we were able to build, rehabilitate and retain nearly 12,000 units of quality, decent affordable housing. This demonstrates that when we invest in our communities, everybody wins."
The full report and rankings are available online here.
At Bank of the West, we know money deposited in a bank has the power to finance positive change. So we are taking action to ensure our activities help protect the planet, improve people's lives, and strengthen communities. We are redefining banking for a better future by focusing on areas where we believe we can have a real impact: supporting energy transition, helping enable women entrepreneurs, and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses.
© 2021 Bank of the West. Member FDIC. Equal Housing Lender. Doing business in South Dakota as Bank of the West California.
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