Cascade Bank awarded outstanding CRA rating by FDIC
May 25, 2010
Cascade Bank, the principal operating subsidiary of Cascade Financial Corp., has been awarded an overall rating of “outstanding” on its Community Reinvestment Act Performance Evaluation from the Federal Deposit Insurance Corporation.
The rating of “outstanding” is the highest rating possible by the FDIC, and was awarded to less than 5 percent of banks nationally in 2009.
The CRA evaluation is based on performance in three tests, including lending, investment and service, as well as CRA activities conducted between 2006 and 2009. The evaluation assesses a bank’s specific initiatives and efforts toward meeting the credit needs of its assessment area in a manner consistent with its resources and capabilities.
The Community Reinvestment Act is a federal law created in 1977 to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities by reducing discriminatory credit practices against low- and moderate-income neighborhoods.
Cascade Bank, a state-chartered commercial bank headquartered in Everett, operates 22 full-service branches