Four Arkansas banks have been scheduled for a Community Reinvestment Act (CRA) examination during the first half of 2021. Two banks are slated to be examined in the first quarter with two scheduled for the second quarter.
The Federal Deposit Insurance Corporation (FDIC) will be examining the Bank of England, Signature Bank of Arkansas in Fayetteville, First Community Bank of Batesville and Anstaff Bank of Green Forest. The Bank of England and Signature Bank of Arkansas examinations are slated for the first quarter, while the First Community Bank and Anstaff Bank are set for the second quarter.
The Bank of England branch is at 123 South Main Street in England , and the Signature Bank of Arkansas branch is at 3878 North Crossover Road, Suite 20 in Fayetteville. The First Community Bank branch is at 1325 Harrison Street in Batesville, and the Anstaff Bank branch is at 100 First National Avenue in Green Forest.
Enacted in 1977, the Community Reinvestment Act is designed to “encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods,” according to the Federal Reserve website.
Regulators schedule CRA examinations based on financial institution’s asset size and CRA ratings. Institutions with $250 million or less in assets and a “Satisfactory” CRA rating are not subject to examination more than once every 48 months, while an institution with $250 million or less and an “Outstanding” rating will not be subject to an examination more than once every 60 months.
The first quarter examinations will be held from Jan. 1, 2021 through March 31, 2021. The second quarter examinations are scheduled for April 1, 2021 through June 30, 2021.