District 5: Federal Reserve Bank of Richmond PDF

Filings received during the week ending May 20, 2023

FilerFiling TypeFiling ProposalEnd of Comment Period
NewspaperFederal Register
COASTAL STATES BANKMembershipCoastal State Bank, Hilton Head Island, South Carolina, to become a member of the Federal Reserve Bank.Not applicableNot applicable
SANDY SPRING BANCORP, INC.CommitmentEndicott Group, New York, New York, and its affiliates requests relief from the passivity commitments made in relation to its investment in WashingtonFirst Bankshares, Inc., Reston, Virginia.

* Subject to the provisions of the Community Reinvestment Act

Availability of CRA Public Evaluations

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

Federal bank regulators use the following performance levels to rate an institution's performance under CRA:

O = Outstanding
S = Satisfactory
NI = Needs to improve
SN = Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

Institution / LocationRSSD IDExam DateCRA Public DateCRA RatingExam Method
BENCHMARK CMNTY BK, KENBRIDGE, VIRGINIA9452202/04/202308/15/2022SInt Small Bank
CHESAPEAKE BK, KILMARNOCK, VIRGINIA21472211/14/202206/13/2022SInt Small Bank
FARMERS & MERCHANTS BK, TIMBERVILLE, VIRGINIA71392609/18/202204/04/2022SInt Small Bank
PUTNAM CTY BK, HURRICANE, WEST VIRGINIA41762608/29/202204/25/2022SInt Small Bank
CRA Examinations scheduled for    Quarter of
InstitutionLocationQuarter
NONE
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Last Update: May 25, 2023