Eighteenth Consecutive Year CNB receives outstanding rating from OCC
MIAMI, FL— (March 11, 2019) — For the eighteenth consecutive year, City National Bank (CNB), Florida’s Big Bank Alternative, has received an “outstanding” rating for its Community Reinvestment Act (CRA) performance from the Office of the Comptroller of the Currency (OCC).
The OCC relied on several factors to support the overall rating. Among the most significant was CNB’s excellent level of community development (CD) lending.
The OCC determined that CNB’s lending activity is aligned with the community’s credit needs, has good geographic distribution, and is well-distributed among borrowers of different incomes and business size. It also recognized the bank’s innovative lending practices, the bank’s level of qualified investments responsive to community needs, and its banking centers – which are accessible to everyone in the community.
“Since our founding in 1946, City National Bank has been committed to investing in the communities we serve,” said Jorge Gonzalez, president and CEO. “We haven’t wavered from our commitment, especially to those that need our help the most. Understanding our communities’ needs and addressing those needs is one of the reasons we continue building strong, long-lasting relationships across all levels.”
The OCC also recognized CNB’s home mortgage, small business loans, and flexible mortgage programs – such as the CitySmart Community Mortgage Program, which helps low-to-moderate income (LMI) buyers purchase or refinance homes through a flexible underwriting criteria.
The shortage of affordable housing inventory in South Florida, led City National Bank to launch the CNB Housing Foundation in 2018.
The Foundation purchases homes from sellers, holds the properties temporarily and sells them at the same cost to LMI buyers – even if they receive financing from another bank. This gives LMI homebuyers the time and necessary flexibility to secure financing and work through the processes to obtain subsidies or address any other issues.
“LMI families are at a disadvantage in the South Florida housing marketplace. Sellers often choose to make a quick sale to an investor or a cash buyer, rather than wait for LMI families to secure financing,” Gonzalez said. “The CNB Housing Foundation will help level the playing field between cash buyers and low-income families, and help them achieve the dream of home ownership.”
In addition, the OCC highlighted CNB’s involvement in the communities it serves.
During the evaluation period, at least 35 employees performed more than 3,500 community development service hours with more than 70 different qualifying organizations – often in homebuyer and financial literacy workshops.
“Partnering with our communities is how City National Bank built its excellent reputation, and that partnership comes in many shapes,” Gonzalez said. “At the heart of everything, we put people first. We believe in empowering people to be active, involved, and leave a lasting mark on the community.”
City National Bank has developed a well-earned reputation for its commitment to the community through its support of organizations such as, Children’s Home Society of Florida, Communities in Schools of Miami, Greater Miami Jewish Federation, The Children’s Trust, Mount Sinai Medical Center, Nicklaus Children’s Hospital, United Way, and YMCA of South Florida.
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About City National Bank of Florida
Headquartered in Miami, City National Bank (CNB) is the financial institution to which Floridians have turned for more than 70 years. With more than $14 billion in assets, CNB is one of the largest financial institutions based in the state. City National Bank is a subsidiary of Chilean bank, Banco de Credito e Inversiones (Bci), and remains a South Florida-based community bank with local decision-making. City National Bank is rated 5 stars “Superior” by BauerFinancial. CNB was voted Best Community Bank, Best Business Bank, Best Bank for Commercial Real Estate, Best Bank for Jumbo Loans, Best Private Bank and Best Foreign National Mortgage Lender by the readers of the Daily Business Review. CNB offers a diversified portfolio of financial products and services from Miami-Dade County to Central Florida.