Citibank Gets Top CRA Grade
After a nine-month review, Citibank has received the highest rating possible for its lending in poor communities.
Only one other large New York bank, Manufacturers Hanover Trust Co., has gotten a similar grade out of the four possible for meeting requirements of the Community Reinvestment Act. The lead bank of Citicorp got its rating in early August from the Office of the Comptroller of the Currency. Unlike Hanover, it has not publicized the result.
Examiner's Illness Delays Completion
Peter Barbero, a vice president in charge of Citibank's economic development unit, said the review was held up for several months because an examiner was sick. He described the examination as "exhaustive."
Since July 1, 1990, the Comptroller's office has done 596 CRA examinations and awarded "outstanding" grades to 71 banks, just under 12%. A total of 441 banks, or 74%, got a "satisfactory' grade. Seventy-nine banks were told they needed to improve, and five were in "substantial noncompliance."
Citicorp thrifts in California, Illinois, and Washington, D.C., also got "outstanding" ratings.