Federal Reserve Bank of Minneapolis
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Stephen L. Grobel, Tabb, Virginia, to individually, acquire 10 percent or more of the shares of First Community Bancorp, Inc., Glasgow, Montana, and thereby indirectly acquire control of First Community Bank, Glagow, Montana. In addition, Stephen L Grobel and Peter J. Grobel, Helena, Montana, to join the Grobel Family Group which controls 10 percent or more of First Community Bancorp, Inc., and thereby indirectly controls First Community Bank, Glasgow, Montana.
Federal Register: 08/11/2011
The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was revised in May 1995.
The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities.
A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.
Federal bank regulators use the following performance levels to rate an institution's performance under CRA:
O = Outstanding
S = Satisfactory
NI = Needs to improve
SN = Substantial noncompliance
The following state member banks have been examined and their CRA public evaluations are now available.
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* Subject to the provisions of the Community Reinvestment Act