DIXON, Calif.--(BUSINESS WIRE)--
First Northern Bank, a wholly owned subsidiary of First Northern
Community Bancorp (OTCQB: FNRN), is pleased to announce that it has
received an “Outstanding” rating—the highest possible—from the Federal
Deposit Insurance Corporation (FDIC) for its performance under the
Community Reinvestment Act (CRA).
The Community Reinvestment Act is a federal law that requires regulatory
agencies such as the FDIC to examine banks to ensure that they are
meeting the credit needs of the communities they serve—including low-
and moderate-income communities—consistent with safe and sound business
practices. With regard to the CRA, the FDIC audits First Northern every
two to three years to evaluate the Bank’s performance in three areas:
lending, community development, and services. The current evaluation
covered the Bank’s CRA activities from May 27, 2008, through November
21, 2011. The FDIC announced the results earlier this month.
“The Bank has demonstrated that it is a leader in making community
development loans, particularly during the poor state of the economy,”
the FDIC report said.
“We are extremely pleased to be recognized by the FDIC for our efforts
to give back to the community and help our business customers grow,”
said Louise Walker, President & CEO.
“That strong commitment has guided the Bank since its founding 102 years
ago,” she continued. “While it has been challenging during the prolonged
economic recession, First Northern has not wavered in its support of the
communities in which our employees and customers live. Additionally, the
Bank’s strong capital and liquidity positions have enabled us to remain
active and competitive in extending loans to businesses and individuals
throughout our communities.”
The full FDIC report is available for viewing on First Northern’s
Website, under Community
Reinvestment Act.
Employees Dedicated to the Community
Over the past five years, Bank employees have volunteered more than
33,700 hours of their time for community service—providing the
equivalent of more than 16 full-time staff people. Remarkably, 77% of
those hours were volunteered since the recession began in late 2007, and
include:
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Serving as Treasurer and Board members for non-profit organizations
that serve the mentally disabled, feed hungry families, and develop
affordable housing.
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Serving on the boards of local economic development and business
organizations to bring new business to the area and serving on the
loan committee of a city’s economic development program to make loans
to area businesses.
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Feeding the elderly and homeless; providing holiday gifts for families
in need and children fighting cancer; and providing safe after-school
alternatives for at-risk teens.
Since 2005, the Bank has contributed more than $1.1 million in cash and
in-kind services to over 200 non-profit organizations, 45% of which are
serving people and families in need.
About First Northern Bank
First Northern Bank, an independent community bank headquartered in
Solano County since 1910, serves Solano, Yolo, Sacramento, Placer and
the west slope of El Dorado County. First Northern has 10 branches
located in Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters,
Woodland, Downtown Sacramento, Roseville, and Auburn, and has a full
service Trust Department in Sacramento. First Northern Bank also offers
24/7 real estate mortgage loans, SBA loans, and non-FDIC insured
Investment & Brokerage Services at each branch location. Real Estate
Mortgage Loan offices are located in Davis and Roseville, and real
estate loan representatives are available to meet customers at any of
the Bank’s branches by appointment. The Bank specializes in relationship
banking and employs experts in the area of small business, commercial,
agribusiness, and real estate lending, as well as wealth management, and
is rated as a “Superior” 5-Star Bank by BauerFinancial Inc. (www.bauerfinancial.com).
The Bank can be found on the Web at www.thatsmybank.com.
Forward-Looking Statements
This press release may include certain “forward-looking statements”
about First Northern Community Bancorp (the “Company”). These
forward-looking statements are based on management’s current
expectations and are subject to certain risks, uncertainties and changes
in circumstances. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors. More detailed information
about these risk factors is contained in the Company’s most recent
reports filed with the Securities and Exchange Commission on Forms 10-K,
10-Q and 8-K, each as it may be amended from time to time, which
identify important risk factors that could cause actual results to
differ materially from those contained in the forward-looking
statements. The financial information contained in this release should
be read in conjunction with the consolidated financial statements and
notes thereto included in the Company’s most recent reports on Form 10-K
and Form 10-Q. The Company undertakes no obligation to update these
forward-looking statements to reflect events or circumstances arising
after the date on which they are made. For further information regarding
the Company, please read the Company’s reports filed with the SEC and
available at www.sec.gov.
First Northern Bank
Kimberly A. DeBra, 707-678-3041
EVP/Corporate
Communications
Source: First Northern Community Bancorp & First Northern Bank