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Oak Valley Community Bank Receives ‘Outstanding’ Community Reinvestment (CRA) Rating
OAKDALE, Calif., Feb. 21, 2020 (GLOBE NEWSWIRE) -- Oak Valley Community Bank, a wholly owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that
About this update from Oak Valley Bancorp (ca)
[{"type":"text","content":"OAKDALE, Calif., Feb. 21, 2020 (GLOBE NEWSWIRE) -- Oak Valley Community Bank, a wholly owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced that it received an “Outstanding” rating, the highest possible, for its community development and lending efforts in their recent Community Reinvestment Act (CRA) Performance Evaluation from the Federal Reserve Bank of San Francisco. The bank earned a “Satisfactory” rating on the evaluation’s Lending test and an “Outstanding” on the Community Development test. The performance demonstrated excellent responsiveness to the community development needs of its assessment areas through community development loans, investments, and services.\n “Building the strength of the communities we serve is one of our fundamental core values at Oak Valley,” commented Chris Courtney, President and CEO. The bank and our employees are dedicated to supporting the non-profit community within our service areas. Earning an Outstanding CRA rating in this latest evaluation is an immense credit to our employees’ hard work and commitment to the community,” Courtney concluded. Performance Highlights: Lending: The bank’s community development lending totaled $114.2 million. Of this total, eight loans totaling $27.6 million benefitted a broader statewide area that includes the bank’s assessment areas. Examples include:— Three participation loans totaling $11.5 million for affordable housing that helped to provide 3,164 affordable rental units to low‐ and moderate‐income individuals.— Two loans totaling $12.5 million to revitalize a low‐income area. The loan proceeds will finance construction of a new building in an area that faces high unemployment and high poverty rates. The financing helped to retain 180 jobs.— Two loans totaling $1.7 million to support economic development. The bank extended two SBA 504 loans that will finance a purchase of a property and create 12 jobs. Investments: Investments and donations dedicated toward community development in its assessment areas or statewide areas that benefitted its assessment areas totaled over $21.3 million. These consist of $14.8 million in current period investments, $6.1 million in prior period commitments, and nearly $300,000 in donations. Oak Valley invested $9.2 million that directly impacted the broader statewide area including $3.7 million prior period inv...