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Rockland Trust Receives 'Outstanding' Community Reinvestment Act Rating
Boston, Massachusetts--(Newsfile Corp. - September 14, 2020) - In a recent Community Reinvestment Act (CRA) performance evaluation by the Federal Deposit
About this update from Independent Bank Corp.
[{"type":"text","content":"Boston, Massachusetts--(Newsfile Corp. - September 14, 2020) - In a recent Community Reinvestment Act (CRA) performance evaluation by the Federal Deposit Insurance Corporation (FDIC) and the Massachusetts Division of Banks, Rockland Trust received an overall \"Outstanding\" rating - the highest rating possible. The examination period was May 2017 through March 2020.\n\n\nFigure 1\n\nTo view an enhanced version of Figure 1, please visit:\nhttps://orders.newsfilecorp.com/files/6522/63773_99ebd811832679068bf41c3a24f1.png\n\"We are proud to be recognized for meeting the credit needs of our communities so well. Receiving the Outstanding CRA rating is a great honor which speaks to Rockland Trust's dedication to the communities we serve,\" said Christopher Oddleifson, Rockland Trust CEO. \"During our 113 years, we have maintained strong community roots by providing critical support to the individuals, families, and businesses in our neighborhoods.\"\nThe Community Reinvestment Act was enacted by Congress in 1977 to encourage banks to meet the credit needs of the communities they serve, specifically low and moderate-income individuals, neighborhoods and businesses. Separate comprehensive evaluations of Rockland Trust's Lending, Investments and Services were conducted during the course of the examination, with positive results in each area contributing to the overall \"Outstanding\" result.\nOverall performance highlights and activities\nSome of Rockland Trust's noteworthy achievements during the evaluation period that contributed to the \"Outstanding\" rating include:\n\nRockland Trust originated 1,013 residential loans totaling approximately $331.7 million, often through the use of innovative and flexible loan programs.\nRockland Trust originated 143 Small Business loans through the SBA Loan Programs totaling $56.3 million.\nRockland Trust originated or renewed 37 loans totaling $276.6 million which qualified as community development loans.\nRockland Trust donated approximately $1.5 million in grants and donations to charitable organizations, including those that provide affordable housing or community services to low and moderate-income individuals, or otherwise promote economic development impacting low and moderate-income individuals.\nRockland Trust originated and maintained 451 community development investments totaling approximat...