NBM Awarded Outstanding CRA Performance Evaluation
The National Bank of Middlebury (NBM), a member of the Addison County Economic Development Corporation (ACEDC), was recently awarded an “Outstanding” performance evaluation for the Community Reinvestment Act (CRA). The CRA categorization is an evaluation of a banking institution’s record of meeting the credit needs of its entire community including low and moderate-income neighborhoods.
The criteria for the rating is as follows:
- The level of lending as related to loan-to-deposit (LTD) ratio compared to local & national peer averages
- Distribution of originated & purchased loans made within the institution’s assessment area (AA)
- Overall borrower distribution of loans among borrowers of different income levels & businesses of different sizes
- Institution’s responsiveness to community development needs in the AA
The National Bank of Middlebury is a $358 million independent community bank headquartered in Middlebury. The bank is a wholly owned subsidiary of Middlebury National Corporation. The Bank has one-third ownership in an operating subsidiary, Community Financial Services, LLC, which was created in partnership with two other financial institutions for the purpose of offering trust and investment services to bank customers. Affiliate activity was not considered as part of this evaluation.
In addition to the Bank’s main office in Middlebury, VT, the Bank has six full service branches located in:
Additionally, the Bank operates 9 automated teller machines (ATMs), which include three stand-alone ATMs with one located at the Middlebury drive-up location and two ATMs located on the Middlebury College campus.
NBM is a full service, intrastate institution, offering a standard array of traditional loan and deposit products for retail and business customers. Additionally, NBM offers a variety of consumer and commercial products and services including personal and business checking and savings accounts, mortgage loans, commercial loans, and electronic banking. The Bank’s website, www.nbmvt.com, provides a listing and description of its loan and deposit services. The Bank offers a variety of different account access alternatives including telephone banking, online banking with bill pay options, mobile banking, and e-statements. In addition to the above services for personal account customers, the Bank also offers account access alternatives for its business customers, including eCorp (online banking for business customers), eDeposit (remote deposit capture), merchant credit card processing, automated clearinghouse (ACH) origination, and bill pay service.