NorthEast Community Bancorp, Inc. (Nasdaq Global Market: NECB), the holding company for NorthEast Community Bank, announced today that the Bank received an “OUTSTANDING” Community Reinvestment Act (“CRA”) rating from its primary regulator, the Office of Thrift Supervision (“OTS”). An OUTSTANDING rating is the highest possible CRA rating given by bank regulators.
Since 2008, fewer than 10% of federally-insured banks and thrifts have received an OUTSTANDING CRA rating and an even smaller percentage have received multiple OUTSTANDING ratings. In the case of Northeast Community Bank, this is its FIFTH consecutive OUTSTANDING rating since 1996.
The Bank received OUTSTANDING ratings on both the Lending and Community Development Tests in both its New York and Boston Assessment Areas, the two markets in which the Bank operates.
President and Chief Executive Officer Kenneth A. Martinek stated, “We are extremely proud to have our outstanding community service performance in our New York and Boston communities once again formally recognized by the OTS. We take our CRA and community development responsibilities very seriously in all of the communities in which we operate and will continue to do so as we expand our services and branch network.”NorthEast Community Bancorp, Inc. is the holding company for NorthEast Community Bank. NorthEast Community Bank is a federally chartered savings bank that currently operates through its main office in White Plains, its four other full-service branch offices in Manhattan and Bronx, New York and two full-service branch offices in Danvers and Plymouth, Massachusetts. The Bank’s website is www.necommunitybank.com.