Bank achieves top ratings in all three Performance Tests; Lending, Investment and Service
Mercantil Commercebank, one of the largest banks headquartered in Florida with $8.3 billion in assets, today announced that the Office of the Comptroller of the Currency (OCC) has granted the Bank a rating of “Outstanding” in the evaluation of its Community Reinvestment Act (CRA) performance. The rating is the highest that can be awarded to a financial institution in the United States. The Bank has consistently received this rating since 2000.
Key benchmarks from the report includes:
- Overall, lending activity reflects excellent responsiveness to credit needs…
- Overall, the level of community development lending is excellent…
- Overall, the Bank provided an excellent level of service Test performance…
Mercantil Commercebank’s efforts included funding community development loans to help revitalize low-and moderate-income geographies throughout the communities it serves, contributing to programs in underserved regions, and actively participating in organizations that support affordable housing opportunities, economic development and community service.
“We view it as a privilege to serve our communities, so receiving an ‘Outstanding’ rating in our CRA evaluation is particularly meaningful,” said Mercantil Commercebank Vice-Chairman and CEO Millar Wilson. “We aim to positively impact the communities that we serve, and this evaluation is a testament to the efforts of our employees in supporting their local communities.”
The CRA was enacted in 1977 to encourage banks and thrifts to assist in meeting the credit needs of all community sectors, including low- and moderate-income neighborhoods. The law requires that regulators assess each institution’s record of helping to fulfill community obligations. Under the act, the OCC used procedures established by federal financial supervisory agencies to analyze Mercantil Commercebank’s performance with respect to lending, investment and service. From those criteria, the bank was rated “Outstanding.”
For more information about Mercantil Commercebank’s, please visit www.mercantilcb.com.
ABOUT MERCANTIL COMMERCEBANK
Mercantil Commercebank N.A. is one of the largest banks in South Florida serving its community for over 35 years. Mercantil Servicios Financieros (MSF), a Venezuelan company, beneficially owns the Bank through U.S. bank holding companies. MSF is the largest provider of financial services in Venezuela with more than 90 years of experience. Mercantil Commercebank has assets of $8.3 billion. The Bank is headquartered in Coral Gables, Florida and has 23 Banking Centers - 16 located in South Florida and 7 in Houston, Texas. The Bank offers a wide variety of domestic, international, personal and commercial banking services, including investment, trust, and estate planning through its subsidiaries, Mercantil Commercebank Investment Services, Inc. and Mercantil Commercebank Trust Company, N.A. For more information, please visit www.mercantilcb.com.
