NORWAY, Maine – Norway Savings Bank is proud to announce that it achieved an “Outstanding” rating on its latest Community Reinvestment Act (CRA) examination, administered by the Federal Deposit Insurance Corporation (FDIC). This is the second consecutive examination cycle that Norway Savings has achieved this Outstanding rating.
Norway Savings achieved this rating because of its strong record of helping to meet the credit needs of the communities it serves – which includes individuals and small businesses in low- and moderate-income neighborhoods. The Bank was deemed Outstanding in not only making significant investments in affordable housing and economic development, but also community lending with excellent penetration in our market area. The examiners noted that Norway Savings is creative in the use of innovative lending practices and is a leader in community development lending.
The FDIC reconfirmed the Bank’s excellent performance in the Accessibility of Delivery Systems and Community Development Services and cited its leadership in community development involvement and financial education initiatives.
“We are extremely proud of this ‘outstanding’ designation as fewer than 10% of banks achieve this rating. Our primary duty is to serve our communities and customers and to take great care of our employees. Those are the driving forces for how we run our business,” said Dan Walsh, President of Norway Savings Bank. “The fact that the FDIC continues to recognize us for our efforts is very gratifying.”
“Norway Savings Bank’s management and staff members are highly committed to not only achieving the standards of the Community Reinvestment Act, but to exceeding them. The latest FDIC exam confirms this commitment,” said Janice de Lima, CRA Officer for Norway Savings Bank.
The time period examined was September 12, 2017 to September 14, 2020
About Norway Savings Bank
Founded in 1866, Norway Savings Bank is a leading mutual banking and financial services company headquartered in Norway, Maine. As of December 31, 2020, Norway Savings Bank had $1.525 billion in total assets. Norway Savings Bank has 24 branch locations and operates divisions in personal banking, business banking and investment and trust services. In 2016, Norway Savings Bank was honored as one of the Best Banks to Work For by American Banker and Best Companies Group as well as one of the Best Places to Work in Maine. In 2020, Norway was recognized with the “Best Wellness Employer – Gold Certification” for the second year in a row by Wellness Workdays. BauerFinancial has designated Norway Savings Bank the “Best of Bauer” for earning and maintaining its highest 5-star rating for 31 continuous years. For more information, visit www.norwaysavings.bank.
About the Community Reinvestment Act (CRA)
The Community Reinvestment Act (CRA), enacted by Congress in 1977, is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate. Institutions are examined on three main tests – Lending, Investment and Service.