announced June 6 it earned an “Outstanding” CRA rating, the highest
rating available from the Federal Deposit Insurance Corporation. It
was also one of only 20 FDIC regulated banks to earn the honor in
2017 and the only bank in the FDIC Chicago Region to receive the
CRA stands for
the Federal Community Reinvestment Act.
According to a
news release, the Community Reinvestment Act was put into place in
1977 to ensure banks are meeting the credit needs of the communities
they serve, including low- and moderate-income neighborhoods. The
Act also takes into consideration safe and sound banking operations
evaluate banks for CRA credit based on the communities they serve
and how banks rate against competitors and peers.
An overall CRA
rating is a four-tiered rating system of: Outstanding, Satisfactory,
Needs to Improve or Substantial Noncompliance.
“Horicon Bank is
committed to the success of the communities we serve,” said
president Fred F. Schwertfeger in the release. “The ‘Outstanding’
rating reflects our caring culture as a bank. We care about our
customers. We care about our communities. And we want to see them
succeed both economically and socially.”