The Office of the Comptroller of the Currency has given “needs to improve” Community Reinvestment Act ratings to First Federal Savings & Loan Association of Lorain in Ohio, and United Trust Bank in Palos Heights, Illinois. First Federal was criticized for its poor responsiveness to community development needs through loans, investments, and services. The bank did not make any community development loans within assessment areas during the evaluation period, which negatively impacted its rating. United Trust Bank, on the other hand, showed substandard distribution of loans to individuals of different income levels and struggled with financial performance issues during the evaluation period.
First Federal has $512 million in assets and seven branches, while United Trust Bank has $168 million in assets and one branch. Both banks offer loan and deposit products with a focus on residential real estate loans. The evaluations covered periods between 2020 and 2024 and both banks have been criticized for their lackluster community development efforts. Neither bank has commented on the ratings.
Source
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
