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) examination, administered by the Federal Deposit Insurance Corporation (FDIC).
Norway Savings received this rating because of its strong record of helping to meet the credit needs of the communities it serves – which includes low- and moderate-income neighborhoods and small businesses. It was deemed Outstanding for making significant investments in its communities. In fact, the examiners reported that Norway’s level of investment demonstrates “an excellent responsiveness to credit and community economic development needs, using innovative and complex investments to service its communities.”
The FDIC reported the Bank is a leader in providing banking services, which are readily accessible to members of the communities it serves. The examiners specifically mentioned the Bank’s participation in the Maine Cash Access network, which allows all of its customers the opportunity to access 225+ ATMs state-wide surcharge-free.
Norway also scored well on its employee volunteerism, philanthropic efforts and community development lending.
“We are extremely proud of this designation as fewer than 10% of banks receive this rating. Our primary duty is to our communities and our customers. That’s the driving force for how we run our business,” said Patricia Weigel, President & CEO of Norway Savings Bank. “The fact that the FDIC recognizes us for our efforts is very gratifying.”
“Norway Savings Bank’s management and our staff are highly committed to not only achieving the standards of the Community Reinvestment Act, but that we exceed them. The FDIC exam confirms this commitment,” said Janice de Lima, CRA Officer for Norway Savings Bank.
The time period examined was June 30, 2014 to September 11, 2017.
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, 2017, Norway Savings Bank had $1.131 billion in total assets and provides financial services to over 38,000 households throughout western and southern Maine. Norway Savings Bank has 24 branch locations and operates divisions in asset management, personal banking and business banking. 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 2013, Norway Savings Bank received the Governor’s Award for Business Excellence and has been recognized as one of the healthiest companies in America by the Wellness Council of America (WELCOA) as a two-time Gold-Level Well Workplace award recipient. BauerFinancial has designated 5-Star Norway Savings Bank the “Best of Bauer” for earning and maintaining its highest 5-star rating for 25 continuous years or longer. 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.
###
