HAGATNA, Guam—Bank of Guam earned its first ever “Outstanding” from the Federal Deposit Insurance Corporation for its Community Reinvestment Act evaluation during a three year period from Oct.15, 2015 to April 25, 2018.
The Community Reinvestment Act requires banks to meet the credit needs of low- and moderate-income communities. The exam assesses bank practices such as mortgage lending, small business lending, community development lending and investments, bank services to communities and employee community involvement. For the overall rating and three subcategories, banks are assigned one of four ratings: Outstanding, Satisfactory, Needs to Improve or Substantial Noncompliance.
The bank, now a “large” institution by CRA measures, is rated “Outstanding,” meaning that the institution has an outstanding record of helping to meet the credit needs of its assessment area including low to moderate income neighborhoods, in a manner consistent with its resources and capabilities.
According to the rating, Bank of Guam demonstrated an “excellent responsiveness” to credit needs; the distribution of borrowers reflects, given the product lines offered by the institution, “excellent penetration” among retail customers of different income levels and business customers of different revenue size; and the institution is a “leader” in providing community development services.
Joaquin P.L.G. Cook, interim president and CEO stated, “Earning a CRA rating of “outstanding” is a reflection of the Bank’s primary mission of serving and giving back to our community. Since the day we were founded, we have been guided by values of giving back to the community in every way we are able to. We are deeply grateful to our staff who work in support of our purpose…it is what makes us “The People’s Bank.” (PR)