“The ‘Outstanding’ CRA rating reflects how all of us at MB are deeply committed to improving the lives in the communities we serve. When we invest in our communities and support their borrowing needs, we help more individuals and businesses prosper.” Mitch Feiger, MB Financial, Inc.
CHICAGO (PRWEB) September 19, 2018
MB Financial Bank, N.A. announced today that it has again received an “Outstanding” rating on its performance in meeting the credit needs of Chicago. The U.S. Department of the Treasury, Office of the Comptroller of the Currency (OCC) which regulates and supervises all national banks, assigned MB the highest possible rating of “Outstanding” for Community Reinvestment Act (CRA) performance for its most recent examination period. Fewer than 10% of banks nationwide achieve an “Outstanding” CRA rating; this is MB’s fifth consecutive “Outstanding” CRA rating.
“We are tremendously proud of this achievement,” said Mitch Feiger, President and CEO of MB Financial, Inc. “The ‘Outstanding’ CRA rating reflects how all of us at MB are deeply committed to improving the lives in the communities we serve. When we invest in our communities and support their borrowing needs, we help more individuals and businesses prosper. Additionally, this recognizes our service accomplishments and the role our employees hold as they contribute their time and talent to many nonprofits in Chicago.”
The evaluation cited several reasons for MB’s overall “Outstanding” rating, including:
- MB’s overall lending reflects excellent responsiveness to credit needs. Community development loans (CD) offered are effective in helping the bank address community credit needs.
- MB is a leader in providing Community Development services, which are highly responsive to community needs.
In commenting on the rating, Vicky Arroyo, President of the MB Financial Community Development Corporation, said, “We know that as a bank we can only be as good as our communities, so we work very hard to be a strong community partner focused on advancing our neighborhoods. We’re obviously pleased that our efforts to provide access to loan and deposit products, consistent outreach, educational opportunities and capital investment have again been recognized.”
MB has been serving local Chicagoland businesses and families since 1911. Its corporate giving is centered on the well-being of the neighborhoods it serves. Programs include “MB on the Block” Education, an initiative aimed at helping low- and moderate-income high school students in Chicago secure a living wage; and the MB Financial Charitable Foundation, which in 2017 provided grants to over 200 nonprofits across Chicagoland serving low- and moderate-income communities through affordable housing programs, community service, economic development, education and event sponsorships. In 1995, MB also launched the MB Financial Community Development Corporation – a wholly owned subsidiary of MB Financial Bank – that is focused on driving neighborhood redevelopment with high-quality lending and investing programs.
The Community Reinvestment Act requires a bank to help meet the credit needs of its local community, consistent with the safe and sound operation of the bank and requires each Federal financial supervisory agency to take this record into account when evaluating certain corporate applications filed by the bank. For the overall rating and three subcategories, banks are assigned one of four ratings: Outstanding, Satisfactory, Needs to Improve or Substantial Noncompliance.
About MB Financial
MB Financial Bank, N.A. is a Chicago-based commercial bank with approximately $20 billion in assets and a more than one-hundred-year history of building deep and lasting relationships with middle-market companies and individuals. MB Financial Bank offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their clients’ success. MB Financial Bank is a wholly owned subsidiary of MB Financial, Inc. (NASDAQ: MBFI).