Bank of Hawaii Earns Seventh Consecutive ‘Outstanding’ Community Reinvestment Act (CRA) Performance Rating
Tuesday, November 01, 2011
HONOLULU, HAWAII – Bank of Hawaii (BOH) received the highest possible rating from the Federal Reserve Board (FRB) for its most recent performance under the Community Reinvestment Act (CRA). The Community Reinvestment Act of 1977 requires federally insured deposit-taking institutions to support the borrowing needs of all the communities where they do business, including low- and moderate-income areas.
This is the seventh consecutive evaluation in which Bank of Hawaii has received an “outstanding” rating. The rating period was from 2009 through 2010.
The "outstanding" rating is based on Bank of Hawaii’s performance under the lending, investment and service tests. These tests examine mortgage, small business and community development lending, community development investments and retail banking and community development services in the communities the bank serves.
The CRA evaluation made specific references to Bank of Hawaii strengths including its efforts addressing the need for affordable housing targeted to low- and moderate-income individuals and families.
It also recognized Bank of Hawaii as a leader in providing community development services, particularly in personal financial education. Examples include:
- More than 13,000 hours provided by management and staff to organizations involved in community development activities.
- Leadership roles in a nonprofit that provides long-term financing to developers for construction of affordable housing projects.
- Development and implementation of a financial education series, the Bank of Hawaii Smart Money Seminars, delivered in five languages by 175 bankers to 4,300 people.
- More than 1,500 hours of financial education to more than 2,400 students attending Title I schools in Hawaii.
- Volunteer income tax assistance for low- and moderate-income individuals to help them maximize their eligible tax refunds.