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Citizens Earns 'Outstanding' CRA Rating
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Business New Haven
2/2/2004
By: BNH
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PROVIDENCE, R.I. - Citizens Financial Group has announced that all four of its New England state banks received "outstanding" Community Reinvestment Act (CRA) ratings from the Federal Deposit Insurance Corporation (FDIC) for 2003. As of last June 30 (the most recent data), only about five percent of FDIC-regulated institutions across the nation received the "outstanding" rating.
Passed by Congress in 1977, CRA encourages financial institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. Federal regulators monitor whether banks are fulfilling their CRA obligations and rate each bank based on lending, service and investments in their communities.
"We are extremely proud of this designation by the FDIC of Citizens' commitment to our community," said Lawrence K. Fish, Citizens' chairman, president and CEO. "We work hard to address the needs of every neighborhood we serve. As we continue to grow, we are committed to increasing that investment."
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