Mitsui Unit's CRA Rating |Satisfactory'
LOS ANGELES -- Mitsui Manufacturers Bank, which has been under attack by community activists, said Monday that it has received a satisfactory rating from regulators for its compliance with the Community Reinvestment Act.
The rating did not deter a protester from continuing her barrage of criticism against the Japanese-controlled bank.
"It is outrageous," said Gilda Haas, director of Communities for Accountable Reinvestment.
Efforts Termed on Track
"The rating clearly demonstrates that Mitsui Manufacturers Bank is meeting the current credit needs of the communities it serves, including low- and moderate-income neighborhoods," said Jerry W. Johnston, the Los Angeles-based bank's president, in a statement.
The Federal Deposit Insurance Corp. issued the satisfactory rating after reviewing the bank's records and the testimony at a public hearing.
Despite the satisfactory rating, Mr. Johnston said Mitsui Manufacturers "will continue its proactive efforts."
Mitsui Manufacturers has 12 offices and assets of $1.3 billion, making it 15th largest among California's commercial banks. As a business bank, it lends primarily to smaller middle-market companies. It is controlled by the Tokyo giant Mitsui Taiyo Kobe Bank Ltd.