About Us :. Community Reinvestment Act

Community Reinvestment Act

The Community Reinvestment Act (CRA) encourages depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations.

Evaluation of CRA Performance

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account when federal regulators consider an institution's application for the expansion or reduction of facilities and other services.

In December 2008, Central Pacific Bank was given the highest rating of “Outstanding” from the Federal Deposit Insurance Corporation (FDIC) for its efforts in meeting the needs of its community, including low- and moderate-income neighborhoods and minorities, from 2005 to 2008. The FDIC assessment comes from the Community Reinvestment Act (CRA) performance evaluation that measures how financial institutions support their communities in the areas of lending, investment and service. The complete CRA report can be viewed at any of the bank’s 39 branches statewide.

“Just as our founding father’s envisioned, Central Pacific continues to be the bank that works for you and our communities,” said Ronald K. Migita, Chairman, President and CEO of Central Pacific Bank. “This rating reflects our steadfast commitment to helping accelerate economic recovery in the communities we serve.”

 

Community Development

Central Pacific Bank is a leader in community development lending, originating over $1.5 billion in community development loans over the last FDIC CRA examination period.

What is a community development loan?

Community development is defined as:

  1. Affordable housing for low-and moderate-income individuals;
  2. Community facilities that serve low- and moderate-income individuals;
  3. Activities that promote economic development by creating permanent jobs for low- and moderate-income individuals; and
  4. Activities that revitalize and stabilize a low- to moderate-income community.