WAUKESHA — Waukesha State Bank, a full-service community bank with 14 offices in Waukesha County, announced Tuesday it has received an “outstanding” rating — the highest possible — from the Federal Deposit Insurance Corporation (FDIC) for its Community Reinvestment Act (CRA) performance evaluation.
The top rating comes after a broad evaluation of Waukesha State Bank’s lending, investment and service levels, specifically benefiting customers that meet income guidelines or reside in low- and moderate- income (LMI) census tracts, from October 2018 through August 2021.
“We are delighted to have received the highest CRA rating from the FDIC for the work our team does every day to serve low- and moderate-income communities throughout our assessment area of Waukesha County,” said Ty R. Taylor, president & CEO of Waukesha State Bank. “Waukesha State Bank is committed to making a positive impact on the communities we serve by supporting business growth, affordable home ownership and local stability.”
According to Waukesha State Bank’s press release, CRA exams evaluate performance and initiatives in meeting the credit needs of service areas, including low- and moderate-income individuals, neighborhoods and businesses. The evaluation also considers community development loans and services, along with a review of the community development investments within the bank’s assessment area. The outstanding rating is achieved by only a small number of banks. The FDIC’s evaluation cited multiple factors supporting the top rating for Waukesha State Bank, including:
■ The bank’s excellent record of serving the credit needs of LMI individuals;
■ Demonstrated responsiveness to the community development needs and opportunities of its assessment area through community development loans, qualified investments and community development services;
■ Retail delivery systems that are accessible to geographies and individuals of different income levels and businesses of different revenue sizes.
The CRA evaluation also praised Waukesha State Bank for participation in the Paycheck Protection Program (PPP) administered through the Small Business Administration (SBA). The bank made 1,652 PPP loans totaling $162.2 million in 2020 and 1,141 PPP loans totaling $68.7 million in 2021. The FDIC stated: “These loans helped businesses to meet payroll and other expenses and helped stabilize the low-and moderate-income census tracts in the assessment area and in the broader statewide or regional area. These loans demonstrate the bank’s responsiveness to a primary community development need during the current evaluation period.”
Waukesha State Bank’s investment and support to the communities in its footprint is core to its mission of serving the community.