NORWAY — 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 in which 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 from September 15, 2020 to September 14, 2023.
Comments are not available on this story.
Send questions/comments to the editors.
