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July 29, 2002
KENNEBUNK, Maine -- The Federal Deposit Insurance Corporation (FDIC)
recently announced the results of their evaluation of Kennebunk
Savings Bank’s compliance with the Community Reinvestment Act (CRA).
Of the 52 financial institutions of all sizes from across the country
included in the latest FDIC report, Kennebunk Savings Bank was one of
only four organizations awarded the FDIC’s highest rating of
"Outstanding." Congress enacted the Community Reinvestment
Act in 1977 "to encourage federally insured banks and thrifts to
meet the credit needs of their entire community, including low and
moderate income residents."
"We couldn’t be more pleased with this outstanding
rating," said Joel W. Stevens, President and CEO. "As York
County’s leading community bank, it’s an acknowledgement of the
work our employees do every day to serve all the people of York
County. It confirms that we are doing a good job at extending our
deposit and lending programs to all sectors of the communities we
serve. It is especially gratifying that the FDIC also recognized that
our Community Investment Program is addressing the needs of area
residents." In its report, the FDIC cited Kennebunk Savings Bank’s
efforts to enable those of low to moderate income to obtain affordable
housing. "Our nationally recognized partnership with York County
Community Action and the Federal Home Loan Bank," stated Stevens,
"has brought grant money into York County to help fund home
mortgages for low to moderate income families as they become first
time homeowners. And as a preferred Small Business Administration
(SBA) lender, we’ve been instrumental in making government
guaranteed loans for local small businesses."
Kennebunk Savings Bank, a 2001 winner of the Maine Businesses for
Social Responsibility Eagle Feather Award, is York County’s leading
financial institution. A true community bank, it distributes 10% of
its earnings each year to non profit and charitable organizations
throughout York County through its Community Investment Program. With
eleven banking offices from Sanford to Kittery, Kennebunk Savings has
a complete line of retail and business banking products and also
offers personal and commercial insurance through its subsidiary,
Morris Insurance Services, Inc. In addition, Kennebunk Savings has a
strong commitment to York County’s business community and has twice
earned the Finance Authority of Maine (FAME) Bank of the Year Award
and is a Small Business Administration (SBA) Preferred Lender.
For more information contact:
Heather Harris
Community Relations Officer
Kennebunk Savings Bank
1-800-339-6573 |
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