HomeStreet Bank has received an “Outstanding” rating under the Community Reinvestment Act (CRA), a federal regulation that evaluates how effectively federally-insured banks and thrifts meet the credit needs of their communities, including low- and moderate-income residents. HomeStreet Bank is one of very few banks in the country that has maintained an outstanding rating since the Community Reinvestment Act was passed in 1977.
“We are very proud of our outstanding rating because it signifies recognition, on a federal level, of our service to customers and communities of all income ranges,” said Kathryn Williams, community relations director and CRA officer for HomeStreet Bank.
The Federal Deposit Insurance Corporation (FDIC) evaluated HomeStreet Bank’s lending, service, and investment practices and its compliance in these areas as they relate to CRA criteria. The Bank was recognized for its work providing loans to home buyers of low and moderate income, including through innovative programs such as its own
Hometown Home Loan
housing program; the state housing agencies’ loan programs in Washington, Oregon and Hawaii; the Rural Housing Service Farm Home Loan program; the Department of Hawaiian Home Lands program for affordable housing in the state of Hawaii; and a variety of federal programs targeting low- to moderate-income homebuyers.
The Bank was also recognized for financing a large number of community development loans, many of which include affordable housing projects; and for serving the banking needs of the most economically disadvantaged through its participation in the Bank on Seattle-King County program.
“HomeStreet Bank puts great emphasis on its role as a community partner,” continued Williams. “While the CRA evaluation is only one way of measuring the benefit we provide to our communities, it is rewarding to have our efforts recognized in this way.”
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About HomeStreet, Inc.
HomeStreet, Inc. (NASDAQ:HMST) is a diversified financial services company headquartered in Seattle, Washington, and the holding company for HomeStreet Bank, a state-chartered, FDIC-insured savings bank. HomeStreet Bank offers consumer and business banking, commercial real estate lending, investment and insurance products and services in the Pacific Northwest, California and Hawaii.