TULSA, Oklahoma, February 24, 2021 (GLOBE NEWSWIRE) – BOK Financial received the highest rating – “Outstanding” – for its recent review of the Community Reinvestment Act (CRA) by the Office of the Comptroller of the Currency (OCC) .
Only 23% of US banks that assigned a CRA rating last year received an outstanding rating. The review focused on the bank’s activities from January 1, 2017 to December 31, 2019.
In granting the rating, OCC cited the excellent spread by BOK Financial of borrower income levels across the loan portfolio; investment and responsiveness to the needs of the assessment area; and accessibility of branches to low and moderate income individuals and families. In particular, the OCC highlighted the positive impact of BOK Financial on the Kansas City metropolitan area as well as Arizona, Arkansas, Colorado, New Mexico, Oklahoma and Texas.
“For over a century, the foundation of BOK Financial has been a commitment to our communities, customers and employees,” said Steven Bradshaw, President and CEO of BOK Financial. “Our ‘Outstanding’ rating for CRA activities reflects our core business value: ‘advancing the communities we serve’. Through financial contributions and the generosity of our employees who donate their time and talent, our company continues to make a significant impact in the communities we serve.
Overall performance highlights and activities
Here are some of the overall accomplishments during the review period that lead to the “Outstanding” rating:
- BOK Financial has provided 209 community development loans totaling over $ 893.5 million to support ARC goals, such as affordable housing, community services for low and moderate income people, revitalization and stabilization low and moderate income geographic areas, or promote economic development. Often, projects involved complex funding that included CDBG, LIHTC, historic tax credits, or USDA rural development funding.
- BOK Financial has invested over $ 254.9 million in its valuation areas, which represents 7.6% of its Tier 1 capital.
- BOK Financial has participated with Small Business Administration (SBA) lenders and granted 57 SBA loans, totaling $ 7.34 million.
- Members of BOK’s finance team across the imprint volunteered for 12,724 hours of CRA qualified service.
BOK Financial Corporation is a regional, more than $ 47 billion financial services company based in Tulsa, Oklahoma, with more than $ 90 billion in assets under management and administration. The company’s shares are listed on the NASDAQ under the Global Select Market Lists (BOKF). BOK Financial Corporation’s holdings include BOKF, NA; BOK Financial Securities, Inc., BOK Financial Private Wealth and BOK Financial Insurance, Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management and BOK Financial Asset Management, Inc. BOKF, NA operates banking divisions in eight states as: Bank of Albuquerque, Bank of Oklahoma, Bank of Texas and BOK Financial (in Arizona, Arkansas, Colorado, Kansas and Missouri); as well as having limited use offices in Nebraska, Milwaukee and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage, investment, trust and insurance services, mortgage services and services, as well as an electronic funds transfer network. For more information visit www.bokf.com.