The Community Reinvestment Act (CRA) was enacted by Congress in 1977 and amended in 1995. The Act was created to encourage financial institutions to meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with responsible banking operations.
Under the amended regulation, larger banks such as First Interstate Bank are examined under performance criteria divided into three "tests."
In accordance with the Community Reinvestment Act (CRA), our community development lending falls in four main categories:
In 2013, First Interstate Bank provided over $60.9 million in loans to community and economic development programs that benefit low- to moderate-income families across our service area. In fact, we invested in our neighbors with:
In fact, we invested in our neighbors with:
First Interstate Bank strives to meet the investment needs of our communities. This is accomplished through corporate investments within the bank's CRA assessment areas. In addition, First Interstate Bank and Foundation grants supporting community and economic development programs contribute to the bank's success in this area. With our mission of meeting and exceeding market expectations coupled with our ongoing commitment to the communities we serve, First Interstate Bank and our Foundation funded more than $1,792,626 in Community Development grants and sponsorships in 2013.
Social responsibility is at the heart and soul of First Interstate Bank. We partner with local community-based organizations in low- and moderate-income communities so that we may:
The Federal Reserve Bank of Minneapolis examines our CRA performance approximately every two years. During these exams they review qualified community development lending, investments and services we are engaged in throughout Montana, Wyoming, and South Dakota.
First Interstate Bank is proud to earn "Outstanding" ratings from our bank examiners. The highest rating a bank can receive. We are committed to our values and vision and will continue delivering the highest standard of customer service and products to the communities that we serve.