Commitment to community core to company values
TULSA, OK / ACCESSWIRE / December 11, 2023 / BOK Financial has received the highest rating-Outstanding-for its most-recent Community Reinvestment Act (CRA) examination from the Office of the Comptroller of the Currency (OCC).
Less than half of the large U.S. banks assigned a CRA rating in 2023 received an Outstanding rating. The examination covered the bank's activities from Jan. 1, 2020 to Dec. 31, 2022.
In granting the rating, the OCC cited BOK Financial Corporation'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.
"An Outstanding CRA rating is a clear reflection of the priority BOK Financial places on investing in our communities through community service, lending products, and financial investment that improve the financial well-being of low- and moderate-income communities and borrowers," said Jo Ann Stall, chief compliance officer for BOK Financial.
Affordable housing highlights:
- A community development loan in Houston will help renovate an 11-building apartment complex with 260 units targeting households earning 60% or less of median family income (MFI).
- A $12.2 million loan in Broken Arrow, OK, will provide construction financing for a 60-unit family development. Rental will be restricted to households earning 30%-60% of MFI.
- In Houston, a $13.8 million loan to purchase and rehabilitate a historical building into a 47-unit senior development. 100% of the rent is restricted to seniors (62+) households earning 30%-60% of MFI.
- A $8.7 million loan will construct a 60-unit senior development in Oklahoma City restricted for seniors 55 and older earning 50%-80% of MFI.
- A $7.2 million loan provided acquisition funds to acquire and rehabilitate a 101-unit family housing development in Texas. Rental will be restricted to households earning 30%-60% of MFI.
- A $13.5 million loan in Oklahoma will provide construction financing for a 97-unit senior development where rents are at 50%-60% MFI.
- An $11.4 million investment for a New Mexico senior housing community with 85% of the units targeting seniors who earn 60% of the area median income.
- $8 million was invested through the Raymond James Preservation Opportunities Fund VIII, which acquires stabilized properties that provide housing for tenants making at or below 80% of MFI. Properties include a senior affordable housing facility in South Dallas and four affordable housing properties in Colorado and New Mexico.
Community development highlights:
- A new K-6 Casa Blanca Community School will be built in Arizona's Gila River Indian Community through support from a community development loan. Serving low- or moderate-income residents, the new school will replace a K-4 school.
- In Oklahoma, a $9.6 million community development loan will finance various projects for Bartlesville Public Schools serving low- to moderate-income families, including construction projects at Wayside and Jane Phillips elementary schools.
- A $5.4 million loan will finance a Native American wellness center, including a 48-bed residential treatment center in Arizona supporting men in recovery from addiction or substance use.
- An $11 million loan to a Colorado organization promoting activities that attract new or retain existing businesses, including a neighborhood center that serves LMI neighborhoods and employs residents from the area.
"Strong banks need strong communities to succeed," said Melissa Wasielewski, director of CRA & HMDA compliance. "Improving the communities where we live and work is a priority for us, and this Outstanding rating reflects our commitment to the people of our communities."
BOK Financial Corporation is a $49 billion regional financial services company headquartered in Tulsa, Oklahoma with $99 billion in assets under management or 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, Inc. an Financial Insurance, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment 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 in Nebraska, Wisconsin 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.
Contact:
Cydney Williams
918-588-6506
C.Williams@bokf.com
SOURCE: BOK Financial Corp
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