Camden National Bank Received an Outstanding Community Reinvestment Act Rating for 18 Years
CAMDEN – Camden National Bank has announced that it has received the highest possible overall rating of “Outstanding” from the Office of the Comptroller of the Currency for its final Community Reinvestment Act review period, covering 2018-2020. This is the 18th year the bank has been rated âOutstandingâ for the ARC, reflecting its long-standing commitment to social responsibility and the local community.
CAMDEN – Camden National Bank has announced that it has received the highest possible overall rating of “Outstanding” from the Office of the Comptroller of the Currency for its final Community Reinvestment Act review period, covering 2018-2020. This marks the 18the year the bank was rated âOutstandingâ for CRA, a reflection of its long-standing commitment to social responsibility and the local community.
Established by Congress in 1977, the ARC encourages banks to meet the credit needs of all segments of the communities in which and with which they do business, including low- and middle-income populations and individuals.
âIt is an honor to receive the highest possible rating from the OCC this year. Since its founding in 1875, Camden National Bank has been a community bank with a long history of being an integral part of the neighborhoods in which we do business, âsaid Greg Dufour, President and CEO of Camden National Bank. “This memo demonstrates our long-term commitment to the ARC as well as environmental, social and governance (ESG) measures to support our communities.”
Camden National Bank is a leader in providing loans for community development in the State of Maine. During the appraisal period, the bank made a total of 34 qualified CD loans to 28 different community organizations in the two full appraisal zones (AAs) of the state of Maine. Eligible CD loans totaled $ 65.7 million, or 15.6% of the bank’s Tier 1 capital as of December 31, 2020, meeting the exceptional performance standard.
The highlights of the Bank’s CD loans include:
Â· A $ 3.7 million Payroll Protection Program PPP loan that provided funding to cover salary expenses during the pandemic. The borrower is a community organization that provides mental health support services to low and moderate income people.
Â· A $ 9.8 million construction line of credit for a school district in a low-income census tract. The funding was used to build a new middle and high school complex serving primarily low and moderate income students. The project also created 200 new jobs.
Â· Two loans totaling $ 5.0 million for lines of credit for the construction of a retirement home, the majority of whose residents benefit from MaineCare (Medicaid). The credit lines will be used for the development of future serviced residences. The two lines of credit were renewed annually in 2018 and 2019 of the evaluation period.
In addition, for the review period, Camden National Bank’s investments and qualified gifts within the state totaled approximately $ 6.20 million, and the bank made five investments totaling $ 1.17 million. dollars in qualified CD funds operating in Maine and the greater New England area that broadly support affordable housing. Needs.
âIn good and tough times, we pride ourselves on being a pillar of the community and look forward to our continued investments in economic growth and prosperity for small businesses, homeowners and the wider community. the community, âsaid Dufour.