Citizens Achieves ‘Outstanding’ Community Reinvestment Act Rating
- Citizens Bank received the highest possible rating from the OCC for its performance under the Community Reinvestment Act.
- The bank extended over $4 billion in Community Development qualified loans and investments.
- Citizens loaned over $3.8 billion to small businesses and low- and moderate-income communities.
- The bank made over $12 billion in mortgage loans to low- and moderate-income borrowers and communities.
- Nearly 35% of Citizens branches are accessible to residents of low- and moderate-income communities.
- None.
“Citizens is committed to ensuring the communities we serve have access to the resources needed to reach their potential,” said Bruce Van Saun, Chairman and Chief Executive Officer, Citizens Financial Group. “We are pleased that the OCC has recognized our efforts with this rating and remain focused on helping build strong communities across our footprint.”
Significant community achievements during the period which led to Citizens’ “Outstanding” rating include:
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Citizens extended more than
in Community Development qualified loans and investments to help stabilize and revitalize neighborhoods by supporting affordable housing and community services.$4 billion -
Citizens loaned more than
to small businesses and to businesses in low- and moderate-income communities.$3.8 billion -
Citizens made more than
in mortgage loans to low- and moderate-income borrowers and to borrowers in low- and moderate-income communities.$12 billion - As of December 2021, nearly 35 percent of Citizens branches were readily accessible to residents of low- and moderate-income communities.
Adopted in 1977, the CRA requires federally insured deposit-taking institutions to support the borrowing needs of all the communities where they do business, including low– and moderate–income areas. Banks were rated during the evaluation period from January 2019 to December 2021 for their lending, investments, and service activities. Citizens’ Outstanding rating signifies that the bank is a leader in, ascertaining and helping to meet the credit needs of its entire delineated community, including low- and moderate-income neighborhoods, in a manner consistent with its resources and capabilities.
For more information about Citizens’ community efforts and to view the bank’s most recent ESG report, visit here.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with
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Media Contacts:
Citizens
Katie Hamilton
(832) 515-6790
katie.hamilton@citizensbank.com
Source: Citizens Financial Group