Amerant Receives ‘Outstanding’ Ratings for the 20th Consecutive Year in its Community Reinvestment Act (CRA) Evaluation by the OCC
28 February 2023 - 5:22AM
Amerant Bank, the largest community bank headquartered in Florida,
announced today that it had once again received Outstanding and
High ratings in all three performance categories – Lending,
Investment and Service – in its CRA evaluation (Community
Reinvestment Act) by the Office of the Comptroller of the Currency
(OCC). Since 2000, the bank has earned outstanding performance
results in its evaluations.
Key benchmarks from the report include:
- The Lending Test rating is based on the excellent level
of community development (CD) lending. Amerant proved to be a
leader in CD lending, with good geographic and borrower
distribution of lending and a substantial majority of the bank’s
loans being in the assessment areas. Amerant’s use of flexible
lending practices, included responsiveness to borrowers during the
pandemic.
- The Investment Test rating is based on the excellent
level of investments, donations, and grants that reflected its
responsiveness to credit and community economic development
needs.
- The Service Test rating is based on the reasonable
accessibility of branch offices to geographies and individuals of
different income levels and Amerant being a leader in providing CD
services.
“We’re proud to receive this distinction again, which I believe
is a direct reflection of the dedication and effort our team
members provide to our customers and the communities we serve,”
said Jerry Plush, Chairman and CEO at Amerant Bank. “We greatly
appreciate this recognition of working hard to do the right
thing.”
Amerant’s use of flexible lending practices, including the
responsiveness to borrowers during the pandemic, positively
impacted results under the Lending Test, as the bank proved to be a
leader in originating CD loans while responding to community
needs.
Amerant also showed an excellent level of CD investments and
grants, often in a leadership position, particularly in those that
are not supported by private investors.
The evaluation goes on to state that Amerant Bank makes
extensive use of innovative and flexible lending practices to serve
the needs of its branches and respective customers in the markets
they are in.
Through the bank’s micro-business grant program, Amerant also
provided 168 grants totaling 100K during the evaluation period,
which helped support the needs of micro-businesses in the community
that had limited access to resources, and that did not qualify for
government-assisted financial aid, loans, or programs.
“Serving our communities is not only a responsibility but a
privilege,” added Mary Cruz, First Vice President CRA Officer for
Amerant Bank. “We are positively impacting the communities in which
we have a presence, and the latest results of this evaluation prove
that Amerant team members really do make a difference.”
As a United States Small Business Administration (SBA) approved
lender, Amerant provided small business loans through various
programs, including SBA 504, SBA 7(a), and SBA Express. During the
evaluation period, the bank amassed approximately $55.3 million in
SBA loans, while the bank's SBA Payment Protection Program (PPP)
accumulated 3,658 PPP loans, totaling $247.6 million, ultimately
helping stabilize several small businesses.
The CRA was enacted in 1977 to encourage banks and thrifts to
assist in meeting the credit needs of all community sectors,
including low- and moderate-income neighborhoods. The law requires
that regulators assess each institution’s record of helping to
fulfill community obligations. Under the act, the OCC used
procedures established by federal financial supervisory agencies to
analyze Amerant’s performance with respect to lending, investment,
and service.
Earlier in 2023, Amerant Bank announced plans to continue
investing for future growth by opening banking centers in key South
Florida locations, including Downtown Miami, Key Biscayne, and Las
Olas, while adding high-quality business development personnel in
domestic retail, private, and commercial banking as well as wealth
management. In 2022, Amerant Bank established a new commercial bank
presence in the Greater Tampa Bay market with the opening of an
office and will also be opening a banking center in late 2023.
Amerant Bank was also on Newsweek’s list of America’s 100 Most
Loved Workplaces®, where the bank ranked #54 in Florida. The 2022
Top 100 Most Loved Workplaces® are the result of a collaboration
with the Best Practice Institute (BPI), a leadership development
and benchmark research company.
About Amerant Bank
Amerant Bank, N.A., is the largest community bank headquartered
in Florida and the main subsidiary of Amerant Bancorp Inc. (NASDAQ:
AMTB), with a presence across South Florida, Tampa, FL, Houston,
TX, and internationally. The bank has been serving clients for over
40 years and comprises subsidiaries Amerant Investments and Amerant
Mortgage. Rooted in the communities it serves, Amerant Bank
supports numerous non-profit and community organizations. For news
and updates, visit the Amerant Newsroom.
- Amerant "Outstanding" CRA Rating
- Amerant Bank 5K
Victoria Verdeja
Amerant Bank
3059041038
vverdeja@amerantbank.com
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