WASHINGTON (April 16, 2012) — The Federal Deposit Insurance Corporation (FDIC) evaluated three non-member banks in Kentucky for compliance with the Community Reinvestment Act (CRA).
The banks listed in the April report includes People’s Bank of Kentucky, Inc. in Flemingsburg, Inez Deposit Bank in Inez, and Traditional Bank, Inc. in Mount Sterling.
People’s Bank received an outstanding rating, while Inez Deposit and Traditional Bank, Inc, received satisfactory ratings.
The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.
Four Kentucky banks were listed with satisfactory ratings in the March report. They include Hancock Bank & Trust Company in Hawesville, Republic Bank & Trust Company in Louisville, Jackson County Bank in McKee and Citizens Bank in Mount Vernon.