BOK Financial receives “Outstanding” Community Reinvestment Act rating
Less than one in four banks examined in 2020 received “Outstanding” rating from OCC
TULSA, Okla., Feb. 24, 2021 (GLOBE NEWSWIRE) — BOK Financial has received the highest rating – “Outstanding” – for its recent Community Reinvestment Act (CRA) examination from the Office of the Comptroller of the Currency (OCC).
Only 23% of US banks assigned a CRA rating last year received an Outstanding rating. The examination covered the bank’s activities from January 1, 2017, through December 31, 2019.
In granting the rating, the OCC cited BOK Financial’s excellent distribution of borrower income levels across the loan portfolio; investment in and responsiveness to assessment area needs; and accessibility of branch offices to low and moderate income individuals and families. In particular, the OCC singled out BOK Financial’s positive impact on the Kansas City metropolitan area as well as Arizona, Arkansas, Colorado, New Mexico, Oklahoma and Texas.
“For more than a century, the underpinning of BOK Financial has been one of commitment to our communities, our customers and our employees,” said Steven Bradshaw, BOK Financial president and CEO. “Our ‘Outstanding’ rating for CRA activities reflects our company’s core value, ‘advance the communities we serve.’ Through financial contributions and the generosity of our employees giving their time and talent, our company continues to make a significant impact in the communities we serve.”
Overall performance highlights and activities
Just a few of the overall achievements during the exam period which lead to the “Outstanding” rating include:
- BOK Financial originated 209 Community Development Loans totaling over $893.5 million to support CRA purposes, such as affordable housing, community services for low- and moderate-income individuals, revitalization and stabilization of low- and moderate-income geographies, or promote economic development. Often projects involved complex financing that included CDBG funds, LIHTC, historic tax credits or USDA rural development financing.
- BOK Financial invested more than $254.9 million inside its assessment areas, representing 7.6 percent of its Tier 1 Capital.
- BOK Financial participated with Small Business Administration (SBA) lenders and originated 57 SBA loans, totaling $7.34 million.
- BOK Financial team members across the footprint, volunteered for 12,724 hours of CRA qualified services.
BOK Financial Corporation is a more than $47 billion regional financial services company headquartered in Tulsa, Oklahoma with more than $90 billion in assets under management and administration. The company’s stock is publicly traded on NASDAQ under the Global Select market listings (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 across 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 purpose offices Nebraska, Milwaukee and Connecticut. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
Media Contact:
Cody McAlester
[email protected]
918.295.0486
