Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
District 5: Federal Reserve Bank of Richmond PDF
Filings received during the week ending September 23, 2023
| Filer | Filing Type | Filing Proposal | End of Comment Period | |
|---|---|---|---|---|
| Newspaper | Federal Register | |||
| SOUTHERN BANCSHARES (N.C.), INC. | * 3A3 Listed Going Concern |
Southern Bancshares (N.C.), Inc., Mount Olive, North Carolina, to acquire up to 19.9% of the outstanding voting securities of Old Point Financial Corporation, Hampton, Virginia, and thereby indirectly acquire interests in The Old Point National Bank of Phoebus, Hampton, Virginia and Old Point Trust & Financial Services, N.A. | 10/09/2023 | 10/26/2023 |
* 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 / Location | RSSD ID | Exam Date | CRA Public Date | CRA Rating | Exam Method |
|---|---|---|---|---|---|
| BENCHMARK CMNTY BK, KENBRIDGE, VIRGINIA | 94522 | 02/04/2023 | 08/15/2022 | S | Int Small Bank |
| CHESAPEAKE BK, KILMARNOCK, VIRGINIA | 214722 | 11/14/2022 | 06/13/2022 | S | Int Small Bank |
| FARMERS & MERCHANTS BK, TIMBERVILLE, VIRGINIA | 713926 | 09/18/2022 | 04/04/2022 | S | Int Small Bank |
| FREEDOM BK OF VIRGINIA, FAIRFAX, VIRGINIA | 3019982 | 06/24/2023 | 10/24/2022 | S | Int Small Bank |
CRA Examinations scheduled for Quarter of
| Institution | Location | Quarter |
|---|---|---|
| NONE | ||