The Van Wert County Courthouse

Wednesday, Jun. 3, 2020

VW Federal earns national recognition

VW Federal Savings Bank information

Van Wert Federal Savings Bank has received the highest possible rating from the OCC, Office of the Comptroller of the Currency, 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 credit needs of the communities they serve and operate in, including low- and moderate-income areas, consistent with safe and sound banking operations.

The “outstanding” rating is based on Van Wert Federal Savings Bank’s excellent loan-to-deposit ratio and exceptional distribution to geographies of different income levels within the community.

Historically, only 5 percent of banks earn the coveted “outstanding” rating, which is reserved for banks that most effectively meet the credit needs of their local communities. Van Wert Federal Savings Bank has now garnered consecutive “outstanding” CRA ratings dating back to 2007.

“Our bank works very diligently on meeting the housing needs of the people in our community and we are honored to receive this recognition for our efforts,” said Van Wert Federal President Gary Clay.

This marks the second award of the year for Van Wert Federal Savings Bank, as it was also recognized by Bauer Financial for receiving its “five star rating” for 102 consecutive quarters. Only 59 of the nation’s 6,855 banks have received this distinction.

POSTED: 11/21/14 at 7:34 am. FILED UNDER: Business