Peoples Heritage Bank Receives 'Outstanding' Rating From FDIC For Community Reinvestment

Peoples Heritage Bank has received an "outstanding" rating, the highest of four ratings from the FDIC, for its community reinvestment performance under the Community Reinvestment Act. This is the fourth time in a row that Peoples has earned the highest rating.

The Community Reinvestment Act (CRA) requires each federal financial supervisory agency to examine financial institutions to assess the institution's record in meeting the credit needs of the community as a whole, including low and moderate income neighborhoods. Since the rating system was established in 1989, Peoples has been rated four times, each time earning an outstanding rating.

In addition to the number of loans generated, the CRA ratings are based on how well the bank performs in its role as a community reinvestor. For example, a bank earns an outstanding rating if it exhibits "excellent responsiveness to credit and community economic development needs," or if its delivery systems are "readily accessible" and its businesses hours are "tailored to the needs of the assessment areas, particularly low and moderate income individuals." Peoples has 75 branches throughout the state, 14 of which are full service supermarket branches with extended hours. It also offers Sunday banking at a number of branches.

Peoples continues to invest in the communities it serves. In 1998, Peoples was the number one mortgage lender, the top originator of small business loans and the second highest lender in farm loans in Maine. The bank also was the top lender to low to moderate income borrowers in the state in 1998. In all, 1,977 CRA reportable small business loans were made, totaling more than $191 million. Additionally, 151 small farm loans were made totaling more than $7 million, and more than 1,470 mortgages were granted to low to moderate income borrowers.

"Peoples has always played a role in community reinvestment as we truly would like to help as many businesses and families as we can," said David J. Ott, president and CEO of Peoples Heritage Bank. "By helping them, we all grow and prosper."

Peoples recently named Executive Vice President Mary A. Schnobrich as CRA Officer. In this role, Schnobrich will continue as executive vice president of retail banking, but also oversee the community reinvestment program.

Based at One Portland Square in Portland, Peoples Heritage Bank is Maine's largest bank, employing more than 2,200 in Maine with 75 branches throughout the state, five of which operate as Oxford Bank & Trust.

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