March 24, 2010 – Portsmouth, NH – Piscataqua Savings is proud to announce that they have once again received the highest rating of ‘Outstanding’ by the FDIC for their compliance with the Community Reinvestment Act (CRA). The honor dramatically stands out this year since the Bank was among only 2% of banks nationwide to receive a rating of ‘outstanding’ as reported during the first quarter of 2010.
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. 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.
According to President and CEO, Jay Gibson, “We’re thrilled to have received the highest possible rating from the FDIC this year – and each time we’ve been examined since the law was passed in 1977. One area where we have stood out is our focus on lending to single women in the seacoast area. 27% of our applications in 2009 came from this segment of our local residents. Our loan portfolio increased by $20 million in 2009 and with deposit accounts growing at the same time it has enabled us to lend more. We want people to know that it’s our mission that your money stays in the community. Ours is a real Main Street story and we’re very proud of our role as a cornerstone of the seacoast.”
Debbie Perry, VP/Loan Officer and CRA Officer at Piscataqua Savings Bank oversaw the examination process. A copy of the Bank’s CRA evaluation is available directly from the bank, which is required by law, and also from the FDIC’s Public Information Center found at www.fdic.gov.
The only mutual bank based in Portsmouth today, Piscataqua Savings is dedicated to serving local individuals and families and has been a cornerstone of the Portsmouth community since 1877. Information is available at www.piscataqua.com.