BOSTON - September 14, 2020 - (Newswire.com)
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.
“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.”
The 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.
Overall performance highlights and activities
Some of Rockland Trust’s noteworthy achievements during the evaluation period that contributed to the “Outstanding” rating include:
- Rockland Trust originated 1,013 residential loans totaling approximately $331.7 million, often through the use of innovative and flexible loan programs.
- Rockland Trust originated 143 Small Business loans through the SBA Loan Programs totaling $56.3 million.
- Rockland Trust originated or renewed 37 loans totaling $276.6 million which qualified as community development loans.
- Rockland 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.
- Rockland Trust originated and maintained 451 community development investments totaling approximately $136.6 million.
A continuous commitment
Rockland Trust is steadfast in its commitment to being a leader in providing community development services. Through expansion and growth, Rockland Trust will bring this commitment to the new communities it grows to serve.
ABOUT ROCKLAND TRUST
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Named in 2019 to The Boston Globe’s “Top Places to Work” list for the 11th consecutive year, Rockland Trust offers a wide range of banking, investment, and insurance services. Rockland Trust serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, the Cape, and Islands, as well as in Worcester County and Rhode Island. The Bank also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters®,” please visit RocklandTrust.com.
Press Release Service by Newswire.com
Original Source: Rockland Trust Receives 'Outstanding' Community Reinvestment Act Rating