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BOK Financial receives “Outstanding” Community Reinvestment Act Rating
Commitment to community core to company valuesTULSA, OK / ACCESSWIRE / December 11, 2023 / BOK Financial has received the highest rating-Outstanding-for its
About this update from Bok Financial Corporation
[{"type":"text","content":"Commitment to community core to company valuesTULSA, OK / ACCESSWIRE / December 11, 2023 / BOK Financial has received the highest rating-Outstanding-for its most-recent Community Reinvestment Act (CRA) examination from the Office of the Comptroller of the Currency (OCC).Less than half of the large U.S. banks assigned a CRA rating in 2023 received an Outstanding rating. The examination covered the bank's activities from Jan. 1, 2020 to Dec. 31, 2022.In granting the rating, the OCC cited BOK Financial Corporation's excellent distribution of borrower income levels across the loan portfolio; investment in and responsiveness to assessment area needs; and accessibility of branch offices to low- and moderate-income individuals and families. In particular, the OCC singled out BOK Financial's positive impact on the Kansas City metropolitan area as well as Arizona, Arkansas, Colorado, New Mexico, Oklahoma and Texas.\"An Outstanding CRA rating is a clear reflection of the priority BOK Financial places on investing in our communities through community service, lending products, and financial investment that improve the financial well-being of low- and moderate-income communities and borrowers,\" said Jo Ann Stall, chief compliance officer for BOK Financial.Affordable housing highlights:A community development loan in Houston will help renovate an 11-building apartment complex with 260 units targeting households earning 60% or less of median family income (MFI).A $12.2 million loan in Broken Arrow, OK, will provide construction financing for a 60-unit family development. Rental will be restricted to households earning 30%-60% of MFI.In Houston, a $13.8 million loan to purchase and rehabilitate a historical building into a 47-unit senior development. 100% of the rent is restricted to seniors (62+) households earning 30%-60% of MFI.A $8.7 million loan will construct a 60-unit senior development in Oklahoma City restricted for seniors 55 and older earning 50%-80% of MFI.A $7.2 million loan provided acquisition funds to acquire and rehabilitate a 101-unit family housing development in Texas. Rental will be restricted to households earning 30%-60% of MFI.A $13.5 million loan in Oklahoma will provide construction financing for a 97-unit senior development where rents are at 50%-60% MFI.An $11.4 million investment for a New Mexico senior housing co...