ARLINGTON, MA–Leader Bank announced that it has received an “Outstanding” rating from its primary regulator, the Office of the Comptroller of the Currency (OCC), for its performance under the Community Reinvestment Act (CRA) between 2016 and 2018.
This is the highest possible rating for CRA performance given by the OCC, which evaluates a financial institution’s lending to and investment in low and moderate income communities within its branch footprint.
“We are honored to receive this Outstanding rating for our CRA performance,” said Sushil Tuli, President and CEO of Leader Bank. “Leader Bank has been committed to serving our community since we opened our doors in 2002, and we take our responsibility to ensure that the Bank is a good corporate citizen very seriously. We take great pride in offering a host of lending products to help borrowers realize the dream of homeownership, and our employees have shown great dedication in meeting the needs of low and moderate income families.”
In reviewing the Bank’s performance in its assessment area of Suffolk, Middlesex and Norfolk counties in Massachusetts, the OCC rated Leader as Outstanding in under both the Lending Test and the Community Development test used to evaluate institutions of similar asset size. Leader Bank and its employees were specifically recognized for its CRA performance in these key areas:
- Exhibiting “excellent geographic distribution and excellent distribution of loans to individuals of different income levels” in the Bank’s assessment area, ranking no lower than seventh in market shares for home mortgage loans to low and moderate income borrowers and in low and moderate income neighborhoods;
- Originating nearly $17 million in community development loans in a three year period, representing a “high level” of lending spread across affordable housing groups, promoting economic development and small business lending in low to moderate income areas;
- Making qualified community development investments and donations of nearly $4.8 million, including donations to support education and services to the underbanked in Massachusetts; and
- Volunteering over 2,200 hours to various non-profits and other community development organizations to promote affordable housing and credit availability, critical services to low and moderate income populations, and overall economic development.
With assets over $1.5 billion, Leader Bank, N.A. is a nationally chartered bank founded in 2002 with seven full-service branches in Arlington, Belmont, Boston, Burlington, and Cambridge. Leader Bank offers a full range of personal and business banking products including personal and business checking accounts, commercial and residential lending products, home equity lines of credit, deposit products with highly competitive rates and free online banking and bill payment services.