ENCINO, Calif.--(BUSINESS WIRE)--California United Bank, the wholly-owned subsidiary of CU Bancorp (NASDAQ: CUNB), today announced that it has received an “Outstanding” Community Reinvestment Act (CRA) rating – the highest possible rating – from the FDIC. The rating is based on the performance of the Bank between May 2010 and June 2013. The Community Reinvestment Act of 1977 was enacted by Congress to encourage financial institutions to meet the credit needs of the communities in which they operate.
“The recognition from the FDIC reflects our deep commitment to having a positive influence on our communities and supporting the economic vitality of our markets”
During the review period, California United Bank originated 92 community development (CD) loans totaling approximately $177.1 million within its assessment areas (Los Angeles, Orange and Ventura Counties). These CD loans provided for the creation of affordable housing, CD services, economic development, and revitalization or stabilization of low- and moderate-income neighborhoods.
Major factors cited by the FDIC in giving California United Bank the “Outstanding” rating include:
- Demonstrating good responsiveness in meeting the credit needs of the communities the Bank serves
- Demonstrating an excellent level of responsiveness to the community development needs within its assessment areas through community development loans, qualified investments, and community development services
- Dedicating more than 3,600 hours of service by numerous bank employees to providing financial expertise and technical assistance to various community organizations
“The recognition from the FDIC reflects our deep commitment to having a positive influence on our communities and supporting the economic vitality of our markets,” said David I. Rainer, Chairman, President and Chief Executive Officer of California United Bank and CU Bancorp. “Our outstanding CRA rating is a tribute to the hard work of our entire organization to serve the banking and credit needs of our local business community, as well as the many hours that our employees and directors spend each year in service to a variety of non-profit organizations in our area.”
About CU Bancorp and California United Bank
CU Bancorp is the parent of California United Bank, which was founded in 2005 and is the largest independent bank headquartered in the San Fernando Valley. California United Bank provides a full range of financial services, including credit and deposit products, cash management, and internet banking to businesses, non-profits, entrepreneurs, professionals and investors throughout Southern California from offices in the San Fernando Valley, the Santa Clarita Valley, the Conejo Valley, Simi Valley, Los Angeles, South Bay, and Orange County. To view CU Bancorp’s most recent financial information, please visit the Investor Relations section of the Company’s Web site. Information on products and services may be obtained by calling (818) 257-7700 or visiting the Bank’s Web site at www.cunb.com.