Norway Savings Bank Receives “Outstanding” Rating on Community Reinvestment Act Exam
NORWAY, Maine – Norway Savings Bank is proud to announce that it received an “Outstanding” rating on its latest Community Reinvestment Act (CRA) evaluation administered by the Federal Deposit Insurance Corporation (FDIC). This is the third consecutive examination cycle that Norway Savings has achieved this Outstanding rating.
Norway Savings achieved this rating because of its demonstrated leadership and excellent responsiveness to the credit needs of individuals of all income levels and small businesses, including those located in low- and moderate-income neighborhoods. The Bank was deemed Outstanding in making significant investments in affordable housing and economic development, particularly those that are not routinely provided by private investors, and is a leader in community development lending. The FDIC examiners noted that Norway Savings extensively uses innovative lending practices.
Norway’s employees are strongly engaged in the community, volunteering their skills at local nonprofits and its banking services are deemed highly accessible to people of all income levels.
“Receiving an ‘Outstanding’ rating from the FDIC for the third consecutive evaluation is a gratifying recognition. With only 10% of banks nationwide being designated as ‘Outstanding,’ Norway Savings Bank is in a class with few others,” said Dan Walsh, President and CEO of Norway Savings Bank.
“Norway Savings Bank’s management and staff members are highly committed to the goals of the Community Reinvestment Act. The latest FDIC ‘Outstanding’ rating confirms our determination to meet our responsibilities under the Act,” said Janice de Lima, CRA Officer for Norway Savings Bank.
The time period examined was September 15, 2020 to September 14, 2023.
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 September 30, 2023, Norway Savings Bank had $1.854 billion in total assets. Norway Savings Bank has 24 branch locations and operates divisions in trust and investment services, personal banking and business banking. Norway Savings received the Best Place for Working Parents designation in 2022 and 2023, and was recognized with the “Best Wellness Employer – Gold Certification” for the fifth 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 33 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.
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