The FUNB Evaluation found that FUNB achieved a good or excellent level of community development lending in 19 of the 21 assessment areas selected by the examiners for full-scope review.
Under the investment test, examiners rated FUNB "outstanding" and concluded that the bank's investments reflected an excellent responsiveness to the needs of its assessment areas.
Examiners found that, although FUNB had closed branches during the evaluation period, including some in LMI areas, these closures did not have a significantly adverse impact on access to FUNB's services in LMI areas, in part because FUNB had made alternative delivery channels available to individuals and areas of all income levels.
Recent CRA Activities of Wachovia--Since the FUNB Evaluation and the Old Wachovia Bank Evaluation, Wachovia Bank and its affiliates have continued to serve the convenience and needs of their communities.
Since the FUNB Evaluation and the Old Wachovia Bank Evaluation, Wachovia has continued to sponsor a range of educational programs for prospective homebuyers, small business owners, and nonprofit and community organizations.
As part of the FUNB Evaluation, examiners also considered the lending and community development activities of several affiliates of FUNB, including First Union Mortgage Corporation (now Wachovia Mortgage Corporation ("Wachovia Mortgage")) and First Union Home Equity Bank, N.
44) These products included the Affordable Mortgage Loan, the Neighborhood Development Mortgage, and the Community Partnership Mortgage, all mentioned in the 1997 FUNB Evaluation.
In connection with the 1997 Evaluation, examiners noted that FUNB engaged in lending to small businesses, including businesses in LMI census tracts.
Community development lending by FUNB during the period covered by the 1997 FUNB Evaluation totaled 78 projects, supporting affordable housing efforts, small business loan pools, and economic rehabilitation programs for depressed urban areas, that represented approximately $31 million in loans.
Examiners reported that FUNB provided banking services to all segments of its assessment area, noting that approximately 25 percent of FUNB's 237 branches were in LMI census tracts.
66) In conjunction with the 1997 FUNB Evaluation, examiners reviewed a sample of more than 1000 HMDA-related applications received by First Union's mortgage company and subsidiary banks in 1995 and did not detect any instances of racial discrimination.
Atlantic also has a loan production office in Charleston, where FUNB operates branches.