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United Bank Receives Outstanding Rating for Community Reinvestment
Vienna, Va. & Charleston, W.Va. — United Bank today announced it received an "Outstanding" rating from the Federal Reserve Bank of Richmond in its most recent evaluation of Community Reinvestment Act (CRA) performance. This represents the highest possible rating of how well a financial institution meets the credit needs of its communities and is achieved by fewer than 10% of banks in the nation.
The 2018 rating reflects a two-year evaluation period of United’s loans, investments and services in qualified community development programs. United achieved an outstanding rating in all three categories.
The Federal Reserve Bank of Richmond commented that United Bank’s commitment to assisting low- and moderate-income communities includes being a leader in providing community development loans and community development services within its primary market, along with demonstrating excellent responsiveness to local credit needs through lending and investments.
“At United, excellence in service means more than providing customers with banking solutions; it means using our skills and networks to build vibrant communities throughout our footprint for people of all backgrounds. This rating represents an external validation of that commitment,” said Christina Cudney, CRA Bank Officer.
In the area of community development lending, United doubled its dollar volume lending since its prior evaluation, this includes financing for affordable housing development, resulting in the creation or retention of hundreds of units of affordable housing.
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