Camden National Bank receives ‘Outstanding’ Community Reinvestment Act rating for 18 years
CAMDEN — Camden National Bank announced that it has received the highest possible overall rating of “Outstanding” from the Office of the Comptroller of the Currency for its most recent Community Reinvestment Act examination period, covering 2018-20. This marks the 18th year that the bank has been rated “Outstanding” for CRA, a reflection of its long-standing commitment to social responsibility and local community.
Established by Congress in 1977, the CRA encourages banks to meet the credit needs of all segments of the communities where and with whom they do business, including low- and moderate-income populations and individuals.
“It’s an honor to receive the highest possible rating from the OCC this year. Since our founding in 1875, Camden National Bank has been a community bank with a storied history of being an integral part of the neighborhoods where we do business,” said Greg Dufour, president & CEO of Camden National Bank. “This rating demonstrates our long-term commitment to both CRA as well as environmental, social, and governance (ESG) measures to support our communities.”
Camden National Bank is a leader in making Community Development loans in the state of Maine. During the evaluation period, the bank originated a total of 34 qualified CD loans to 28 different community organizations within the two full-scope Assessment Areas (AA) in the state of Maine. Qualified CD loans totaled $65.7 million, or 15.6 percent of bank-wide tier 1 capital as December 31, 2020, meeting the standard for outstanding performance.
Highlights of the Bank’s CD loans include:
· A $3.7 million Payroll Protection Program “PPP” loan that provided funding to cover payroll expenses during the pandemic. The borrower is a community organization that provides mental health support services for low- and moderate-income individuals.
· A $9.8 million construction line of credit provided to a school district located in a moderate-income census tract. The funding was used to build a new middle school and high school complex primarily serving low- and moderate-income students. The project also created 200 new jobs.
· Two loans totaling $5.0 million for construction lines of credit to a senior living facility where majority of the residents are on MaineCare (Medicaid). The lines of credit will be used for the development of future assisted living facilities. Both lines of credits were renewed annually in 2018 and 2019 of the evaluation period.
In addition, for the examination period, Camden National Bank’s qualified investments and donations within the state totaled approximately $6.20 million, and the bank made five investments totaling $1.17 million in CD-qualified funds operating within Maine and greater New England region that largely support affordable housing needs.
“During both prosperous times and challenging times, we’re proud to be a pillar in the community, and we look forward to our continued investments in economic growth and prosperity for small businesses, home owners, and the larger community,” said Dufour.