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From the Office of the CEO
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Press Releases
FAIRFIELD COUNTY BANK IS NUMBER ONE SMALL BUSINESS LENDER IN FAIRFIELD COUNTY.
Ridgefield, CT- January 25, 2010- Recently released data ranked Fairfield County Bank as the Number 1 producer in all of Fairfield County for small business loans to businesses with revenue of $ 1 mil or less. The bank was also rated in the top five of all banks in Fairfield County competing for small business loans. In late 2009 the bank received the Small Business Administrations 2009 Eagle Award for leadership in lending in small business and in particular with the SBA ARC product. As of December 31, 2009 Fairfield County Bank was ranked 2nd of all banks in the number of SBA loans closed in the State of Connecticut.
Bill Starbuck, Executive Vice President, Commercial Banking stated “I am extremely proud of the achievements of the bank, appreciative of the loyalty of business in the area to the bank and pleased to work with the many talented lenders of Fairfield County Bank, who are dedicated to creating strong loan solutions for our customers and committed to an exemplary service standard.” Starbuck added “Although 2009 had been a challenge for business and the financial service industry, Fairfield County Bank remained strong. When other banks weren’t lending we were. He noted that the bank has a strong business loan initiative for 2010 and will continue to lend locally.”
Not only was Fairfield County Bank a leading source for small business loans it was in the top 15 banks at 11th place for all reporting institutions in the bank's assessment area in the 2008 HMDA (Federal Reserve Home Mortgage Disclosure Act) reports, which were recently released. Under the Community Reinvestment Act of 1977 banks are required to delineate geographic lending areas around their branch offices. As a part of the CRA requirement's banks must demonstrate that they are meeting the convenience and needs of the communities they serve, where needs are defined as credit and deposit services. Fairfield County Bank had a 2.26% share of all mortgage loans originated by the 320 banks in the delineated assessment area and was in the top 10% for mortgages provided in economically depressed areas. Banks which ranked higher than Fairfield County Bank were all national banks or super-regional.
Fairfield County Bank works with GeodataVision of Wallingford, CT for CRA reporting and documentation. GeodataVision provides CRA and HMDA reporting services for banks allover the country by extracting and reporting data from the official regulatory databases. Len Suzio, President of GeodataVision noted “Fairfield County Bank has a strong tract record in lending in the markets they serve”.
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