CIBC Bank USA Earns "Outstanding" CRA Rating

PRNewswire 22-Apr-2019 2:00 PM

CHICAGO, April 22, 2019 /PRNewswire/ - CIBC today announced that CIBC Bank USA received an "outstanding" rating from its primary regulatory, the Federal Deposit Insurance Corp. (FDIC), for its most recent Community Reinvestment Act Performance Evaluation.

The CRA evaluation assesses the bank's initiatives and performance designed to help meet the credit needs of all its potential clients, including low and moderate income communities. The evaluation also includes an assessment of the bank's community development investments in its assessment area. The evaluation covered the period from Aug. 17, 2015, to Dec. 3, 2018.

Specifically, the FDIC recognized CIBC Bank USA for:

• Delivering excellence in serving business clients of all sizes and individuals and families of all income levels.
• Serving as a "leader" in making community development loans and providing community development services.
• Using innovative approaches to meet community development needs through complex investments and flexible lending practices

"This rating reflects the broad commitment across our company to understand and serve the banking needs of all individuals, families and businesses in our markets," said Larry D. Richman, Chair, US Region for CIBC Bank USA. Richman was President and Chief Executive Officer for the bank during the evaluation period.

"We have built strong relationships with community partners whose insights have helped shape our approach and who have inspired our creative thinking," added Brant Ahrens, President, CIBC US Retail and Digital Banking. "We also have team members who go above and beyond, serving thousands of volunteer hours each year with a special emphasis on supporting underserved communities."

CIBC Bank USA was formed in September 2017 following CIBC's acquisition of PrivateBancorp, Inc., and its subsidiary, The PrivateBank, in June 2017.

About CIBC

CIBC (NYSE:CM) (TSX:CM) is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the U.S., CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. Visit us at cibc.com/US.

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SOURCE CIBC