12/5/2022 – Adams Community Bank Receives an Outstanding CRA Rating
PITTSFIELD, MA – December 5, 2022 – Adams Community Bank (ACB) recently announced they received a rating of “Outstanding” from the Federal Deposit Insurance Corporation (FDIC) for the Community Reinvestment Act (CRA) in their recently completed evaluation.
The Bank was among only four of 66 financial institutions evaluated to be rated the highest outstanding rating. The CRA is a law established to encourage insured depository institutions to help meet the local credit needs of the communities in which they are chartered, including low- and moderate-income (LMI) neighborhoods, consistent with safe and sound operations.
Bank President, Charles O’Brien, noted the Bank did well in all three facets of the CRA exam, including lending in, investing in, and service in their communities. O’Brien praised the ACB team for the rating, stating, “We have increased loans by nearly $200 million, or 37%, in the past three years while lending in every census tract in Berkshire County. In this same period, our charitable contributions were approximately one million dollars in donations.”
ACB’s AVP Retail Loan and CRA Officer, Dawn Lampiasi, concurred with O’Brien in praising the entire team’s efforts. “Each employee within the Bank deserves credit for achieving this distinguished rating. From the lending team for ensuring we lend to borrowers of various income levels, to each employee that volunteers their time.” In 2021 alone, ACB employees volunteered 2,048 hours of their time participating on various boards and at community events.
Adams Community Bank is an independent community savings bank located in the Berkshires of western Massachusetts and headquartered in Adams, MA. Adams Community Bank’s savings bank charter was incorporated in 1869, and the institution has approximately $914 million in assets. Adams Community Bank has nine locations in the region. They are in Adams, Cheshire, Lanesborough, Lee, Lenox, North Adams, Pittsfield, and Williamstown.
Member FDIC. Member DIF. Equal Housing Lender.
Visit adamscommunity.com for more information.