WASHINGTON - The Federal Deposit Insurance Corporation recently issued its list of state nonmember banks – including one in southwest Oklahoma – recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in November 2021.
First Summit Bank in Ryan received a CRA rating of “satisfactory”; so did Spirit Bank in Tulsa. Carson Community Bank in Stilwell received a CRA rating of “outstanding.”
First Summit Bank is individually owned and began operations in 1894 as The First State Bank. The bank name changed three years ago.
FSB received an “outstanding” rating at its previous FDIC CRA performance evaluation in 2015, based on Small Institution Procedures.
The retail bank has two full-service offices: its principal office in Ryan and its branch bank in Weatherford. The bank focuses primarily on agricultural and commercial lending but also offers consumer loans. The bank no longer offers home mortgage loans, as of 2016.
Based on Call Report data as of June 30, 2021, FSB’s total assets equaled $28.9 million, total loans equaled $19.1 million, and total deposits equaled $25.1 million. An accompanying table represents the outstanding loan portfolio as of June 30, 2021.
An “S” rating means an institution has a satisfactory record of helping to meet the credit needs of its assessment area, including low- and moderate-income neighborhoods, in a manner consistent with its resources and capabilities.
The bank’s loan-to-deposit ratio is reasonable (considering seasonal variations and taking into account lending-related activities) given the institution’s size, financial condition, and credit needs in the assessment area.
A majority of loans are in the institution’s AA, and the geographic distribution of loans reflects excellent dispersion throughout the AA.
Given the demographics of the assessment area, the distribution of borrowers reflects reasonable penetration among farms and businesses of different sizes, according to the FDIC.
The Community Reinvestment Act is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Congress mandated public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination.