CRA - 05/14/01 05:58 PM
$1 million in size but meet one of the four
components of "community development", i.e.
affordable housing, etc.
We are a large bank with many small towns in our area which cover the pine barrens of NC.
Economic development often means bringing what business we can into an area, and keeping what businesses we can there. Water
and sewer projects, emergency services, etc. are needed as well as new roads. We would like to what is needed for these towns, however, as a large bank (just barely over the assets size from small)funds to assist these communities are limited.
Management will only approve these projects
if there is CRA credit.
Can anyone help with justifing CRA credit?