AGENDA #5a

 

MEMORANDUM

 

TO:                  Mayor and Town Council

 

FROM:            W. Calvin Horton, Town Manager

           

SUBJECT:            Rating for Town’s Bank

 

DATE:            February 26, 2001

 

This memorandum responds to a request by the Council for information on the Community Reinvestment Act (CRA) rating for the Town’s bank, First Citizens Bank and Trust Company.

 

First Citizens Bank and Trust Company’s overall Community Reinvestment Act rating is currently “satisfactory”.  Ratings assigned by the Federal Deposit Insurance Corporation range from “outstanding” to “substantial non-compliance”.  Attached is information furnished by First Citizens Bank and Trust Company regarding their rating.

 

ATTACHMENTS

 

1.  Information provided by First Citizens Bank and Trust Company (p. 2).