FOR IMMEDIATE RELEASE
Tuesday, September 15, 2009
MEDIA CONTACT
Daniel Moran, Jr.
O: 480.706-6880 x122
M: 617.304.0064
dmoran@prfectmedia.com
SONORAN BANK RECEIVES AN OUTSTANDING FOR ITS COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION
Outstanding is the Highest Performance Review a Bank Can Receive; Indicative of Sonoran Bank's Commitment to the Community
PHOENIX, Arizona (September 15, 2009)— Sonoran Bank (www.sonoranbank.com) has earned the ranking of Outstanding for its Community Reinvestment Act (CRA) lending practices by the Office of the Comptroller of the Currency (OCC). The community bank received the top honors because of its commitment to meet the needs of people throughout the Valley, including low and moderate-income neighborhoods. The ranking of Outstanding earned by Sonoran Bank is significant in the industry, as the OCC has examined 700 banks nationwide over the last two years and has awarded only 17% of banks a rating of Outstanding.
"We were excited and thrilled at Sonoran Bank to earn the top honors and become one of only 120 banks across the nation to earn the ranking of Outstanding," said Jim Vigars, president and CEO of Sonoran Bank. "This recognition serves as a testament to our continued investment in the Phoenix community and our commitment to becoming the go-to bank for minority businesses across the Valley."
The Community Reinvestment Act is a federal law that was designed to encourage commercial banks and savings associations to meet the needs of people in their communities, especially low and moderate-income neighborhoods. The act was passed by Congress in an effort to reduce discriminatory credit practices or "redlining," against lower-income individuals. Each bank is evaluated based on their lending practices within their community, and receive a ranking on a scale from Needs Improvement to Outstanding.
Vigars added, "We are proud to help people throughout the Valley in an effort to provide sound banking practices for everyone, while giving them the financial backing they need."
The report completed by the Office of the Comptroller of the Currency commended Sonoran Bank's commitment to providing the majority of their loans inside Maricopa County (MC), the distribution of business loans among companies of different sizes as excellent given the make-up of MC and additional criteria that applauded Sonoran for its banking practices.
For more information about Sonoran Bank contact Daniel Moran of PRfect Media at 480.706.6880 x122 or by email at dmoran@prfectmedia.com.
ABOUT SONORAN BANK
Founded in 2006, Sonoran Bank is a true community bank that quickly became the premier banking institution for Hispanic and minority small-to-medium sized businesses in Arizona. Named the only Minority Depository Institution in Arizona, by the FDIC, Sonoran Bank provides sound banking options for consumers, for profit and nonprofit businesses in the Phoenix metro area. Sonoran was approved to bid on failing banks in Arizona, Nevada, New Mexico and Utah. Despite the collapse of the banking industry in 2008, Sonoran has continued to operate normally and provide qualified businesses and consumers with access to loans. As a community bank, Sonoran actively raises monies and awareness for local nonprofit organizations that include Valley del Sol and the Arizona Hispanic Chamber of Commerce. For more information about Sonoran Bank visit www.sonoranbank.com.
