August 02, 2010
August 2, 2010
People’s United Bank Achieves “Outstanding” Rating For Community Reinvestment Act Compliance
BRIDGEPORT, CT – People’s United Bank, the largest bank headquartered in New England, has achieved an “Outstanding” rating for its compliance with federal Community Reinvestment Act (CRA) standards. The rating was recently announced by the bank’s primary regulator, the federal Office of Thrift Supervision.
“We’re proud to have received an ‘Outstanding’ rating for our CRA efforts,” said Jack Barnes, President and Chief Executive Officer, People’s United Bank. “Since the inception of the Community Reinvestment Act in 1977, People’s United has always earned an ‘Outstanding’ CRA rating and we are pleased to have honored that legacy in this most recent examination.
“The success of our CRA program is based on the collaborative efforts of our employees across all business lines.” Barnes continued. “Our dedication to the needs of our communities is an integral part of our past and will be an important part of our future as we continue to grow.”
An individual bank’s CRA performance is based on three areas: lending, investment and service tests. The lending test is focused on loans granted to low- and moderate- income households and communities. The investment test can include items such as a bank’s purchase of low-income housing tax credits and a bank’s participation in equity funds designed to meet the needs of communities throughout its service area. The service test is focused on a bank’s branch locations, affordable banking products, and bank-supported activities including homeowner advocacy, mortgage counseling, nonprofit board membership, and employee volunteerism.
Examples of People’s United’s “Outstanding” performance relative to the federal CRA guidelines include, by state:
Connecticut: lending and investment support for Housing Development Fund and Connecticut Economic Development Fund
Vermont: low-income housing tax credits with Housing Vermont
Maine: low-income housing work with Penquis Development Corporation
New Hampshire: philanthropic support for the Hannah Grimes Center, a job development agency in Keene
Massachusetts: long-term investment in Massachusetts Housing Partnership
New York: philanthropic support for Washingtonville Housing, which helps preserve affordable housing throughout Westchester County.
People's United Bank, a diversified financial services company with approximately $22 billion in assets, provides consumer and commercial banking services through a network of nearly 300 branches in Connecticut, Vermont, New Hampshire, Massachusetts, Maine and New York. Through its subsidiaries, People's United Bank provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.
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