News and Press Releases

Feb 25, 2002

FNB Rated Outstanding at Meeting Credit Needs of Community

The U.S. Office of the Comptroller of the Currency (OCC) recently called First National Bank Alaskas record of meeting the credit needs of its entire community, including low- and
moderate-income neighborhoods, outstanding.

The OCC report assessed First Nationals compliance with the Community Reinvestment Act (CRA), legislation that guides banks in meeting the needs of all socioeconomic segments of their communities. Such community needs as home mortgage loans, affordable housing and loans to small businesses are considered, along with community needs for
financial education, programs and jobs for Native Americans, home ownership counseling, loans that contribute to the redevelopment of targeted commercial districts, loans for physical improvements, and assistance in applying for business credit.

Covering the period from July 1998 through June 2001, the report considered public comment along with expert analysis. It characterized First National as having:

An overall excellent level of lending activity characterized by good geographic distribution and excellent borrower distribution.

An excellent amount of Community Development loans that are responsive to important community needs.

Use of innovative and flexible loan programs that enhanced lending performance.

A good level of investments that meet important community development needs.

An excellent distribution of the banks branch delivery system, augmented by a good level of community development services that are responsive to identified needs in the banks assessment areas.

Through the use of flexible, affordable housing loan programs, First National Bank Alaska made loans totaling more than $45 million to low- and moderate-income families
throughout Alaska, the report noted.

Established in 1922, First National is Alaskas largest Alaskan-owned and operated bank, with 27 branches throughout Alaska and ATMs in 17 rural communities.

 

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