The largest commercial bank headquartered in Florida got a rare "needs to improve" rating on its Community Reinvestment Act examination, the Federal Deposit Insurance Corp. said Wednesday.
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The $5.6 billion-asset Ocean Bank, in Miami, received the low rating because of what the FDIC termed "a substantive violation of the Equal Credit Opportunity Act," according to the bank's July 18 CRA performance evaluation, released Wednesday.
The FDIC said that the bank scored "satisfactory" ratings on its service tests but that the lending violation dragged down its overall mark. Luis A. Consuegra, Ocean Bank's chief legal counsel, declined to provide further details about the violation but said the bank had resolved the issue.
