Horicon Bank joins exclusive club

Daily News Staff

June 14, 2017

Horicon Bank 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 rating.

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 and practices.

FDIC regulators 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.”