Savings Bank of Danbury receives “Outstanding” rating from the FDIC for Community Reinvestment Act (CRA) compliance
DANBURY, CT, ISSUED AUGUST 4, 2023…Savings Bank of Danbury (http://sbdanbury.com) has received an “Outstanding” rating from the Federal Deposit Insurance Commission (FDIC) for its compliance with the Community Reinvestment Act (CRA).
The FDIC released its list today, detailing the specific ratings that it assigned to banks across the nation earlier this year.
The Community Reinvestment Act (CRA) was enacted in 1977 and encourages banks and savings associations to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods and individuals. CRA applies to FDIC-insured depository institutions, such as national banks, savings associations, and state-chartered commercial and savings banks.
Regulators assess the record of each bank in fulfilling its obligation to the community and consider that record in evaluating and approving applications for charters, bank mergers, acquisitions, and branch openings. A bank is evaluated on its record of helping meet the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations.
Martin G. Morgado, President and Chief Executive Officer at Savings Bank of Danbury, said, “We are very pleased to once again receive a rating of ‘Outstanding’ from the FDIC regarding Community Reinvestment Act compliance. For us, meeting and supporting the needs of the communities that we serve has always been a top priority, and will continue to be so going forward.”
About Savings Bank of Danbury
Established in 1849 and headquartered at 220 Main Street, Danbury, Savings Bank of Danbury is a mutual savings bank with assets in excess of $1.4 billion. Savings Bank of Danbury has 16 branch offices in Bethel, Brookfield, Danbury, New Fairfield, New Milford, Newtown, Norwalk, Southbury, Stamford, and Waterbury. Stamford Mortgage Company, a division of Savings Bank of Danbury, has a local office on Summer Street in Stamford. Savings Bank of Danbury is committed to serving their community.