Middlebury National Bank of Middlebury has achieved the highest possible rating during its recent Community Reinvestment Act Performance Evaluation from the Comptroller of the Currency, the Federal Administrator of National Banks.
Factors that led to the achievement of this “outstanding” rating included:
The National Bank of Middlebury level of lending, as reflected by the loan-to-deposit ratio, is more than reasonable.
A substantial majority of originated and purchased loans are within the Bank’s assessment area.
The borrower distribution of loans reflects excellent penetration among individuals of different income levels.
A strong level of community development activities as evidenced by qualified community development investments and services.
NBM’s balance sheet has grown since the last CRA examination as the bank has expanded their operations and opened new branches. Total assets as of March 31, 2012 were $279.3 million compared to $212.7 million as of March 31, 2006. Total loans of $183.2 million and deposits of $239.2 milllion represent 66 percent and 86% percent of total assets respectively.
“We are particularly proud of our ‘outstanding’ rating, not only as it relates to our deposits, loans and financial health, but just as importantly with regard to our Community Development activities,” noted G. Kenneth Perine, president of National Bank of Middlebury. “Many of our staff members devote time to a variety of local boards and committees, and assisting in schools and organizations, in order to serve the communities in which we work.”