Release date: February 12, 2021
Hyannis, MA – Cape Cod 5 recently received its 10th consecutive “Outstanding” rating on its Community Reinvestment Act (CRA) Performance Evaluation, issued jointly by the Federal Deposit Insurance Corporation (FDIC) and Massachusetts Division of Banks (DOB). The Bank has maintained an “Outstanding” rating since 1994, reflecting its excellent record of meeting community needs over the past 26 years.
“Our Outstanding CRA rating is evidence of the fact that Cape Cod 5 continues to integrate its community engagement efforts into every aspect of its business, leveraging its strengths and resources to make the greatest impact in the communities it serves. We are committed to serving individuals from all backgrounds and stages of life as they navigate obstacles and opportunities along their unique financial journeys,” said Dorothy A. Savarese, Chair and CEO of Cape Cod 5. “We are also dedicated to developing innovative and effective solutions to meet the unique needs of our customers and communities as this ultimately supports the resilience and vitality of our region.”
The CRA Performance Evaluation assesses the Bank’s performance in providing responsive, innovative and flexible home mortgage, small business loans and community development lending; providing investments, grants and donations to support community development initiatives and promote services to low- and moderate-income individuals; and providing accessible and convenient banking services that effectively meet the needs of the community. An “Outstanding” is the highest possible rating that a financial institution can achieve and was assigned in under 10% of performance evaluations issued from 2010-2020.
Among other activities that contributed to the Outstanding rating, during the examination period covering May 10, 2017 through July 13, 2020, Cape Cod 5:
- Originated 4,985 innovative and/or flexible loans, totaling more than $473.1 million, to low- or moderate-income individuals and small businesses.
- Made 151 community development loans totaling $89.1 million.
- Made qualified investments, grants and donations totaling $17.3 million.
- Provided 360 instances of financial expertise or technical assistance to community development organizations.