CHARLOTTE, NC - Wachovia has earned an "Outstanding" Community Reinvestment Act (CRA) rating, the highest possible, from the Office of the Comptroller of the Currency (OCC). Only 16 percent of banks regulated by the OCC achieve the "Outstanding" rating. Regulators from the OCC analyzed Wachovia's lending, investing and service activities for the period of July 1, 2003, to June 30, 2006. The merger of SouthTrust Corp. and Wachovia Corp. occurred during this time.
"I'm proud that Wachovia has earned continuous "Outstanding" CRA ratings, the highest rating possible, since 1995," said Ken Thompson, Wachovia Chairman and CEO. "This achievement shows that reaching low- and moderate-income families and communities remains a priority for us, even as we expand into new markets."
The Community Reinvestment Act was enacted in 1977 to encourage banks to meet the credit needs of all segments of their communities. The act requires that the OCC assess national banks' distribution of loans, investments and services, particularly in low- and moderate-income communities.
"At Wachovia, we are passionate about creating strong, vibrant neighborhoods and reaching low- and moderate-income families and individuals with a full range of financial products and services," said Mike Rizer, director of Community Relations for Wachovia. "We're proud that the OCC has recognized us for our continued efforts to build communities in innovative and thoughtful ways."
Wachovia Corporation is one of the nation's largest diversified financial services companies, with assets of $782.9 billion and market capitalization of $75.3 billion at December 31, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses.
Source: PRnewsWire.com