Business

Towanda bank passes lending exam

The Towanda State Bank in Towanda has passed its Community Reinvestment Act exam, the Federal Deposit Insurance Corp. said.

The $8.7 million bank received a satisfactory rating.

It was the only Kansas bank in the period to be examined for CRA.

The CRA is a 1977 law that encourages banks and thrifts to provide loans to their local communities, including to low- and moderate-income neighborhoods.

Banks can receive one of four grades: outstanding, satisfactory, needs to improve and substantial noncompliance.

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