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- Category: Past Issues
PUTNAM --- Putnam Bank has received an “Outstanding" Community Reinvestment Act (CRA) Rating from the Office of Thrift Supervision (OTS) for the third consecutive exam cycle.
The Community Reinvestment Act (CRA) requires each federal financial supervisory agency to use its authority to assess an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods . Rating exams occur periodically and this most recent evaluation of Putnam Banks’ CRA performance covered the 33-month period from Oct. 1, 2007, to June 30, 2009.
The OTS rated Putnam “Outstanding," defined as an “Outstanding record of meeting community credit needs,” for showing a strong response to community development needs as well as for having a more favorable distribution of mortgage loans in moderate - i n com e geographies than aggregate lenders. The OTS also noted that Putnam Bank has maintained a reasonable loan-to-deposit ratio while earning this rating .
"As a community bank, we take pride in our ongoing record of community support," said Putnam Bank Chairman and CEO Thomas A. Borner. “We’re pleased that Putnam Bank has received an Outstanding CRA Rating from the OTS for the third consecutive reporting period.”
Putnam Bank, originally chartered in 1862, is a $487.2 million federally chartered and insured stock bank. Putnam Bank has branch offices in Putnam, Pomfret Center, Danielson, Plainfield, Griswold, Gales Ferry and Norwich. It also operates a full-service loan center in Putnam.