Wells Fargo rates 'outstanding'

Wells Fargo Bank has received an "outstanding" rating, the highest possible, for its community reinvestment activities in Colorado, bank officials said Dec 7.

The federal Community Reinvestment Act of 1977 requires banks to meet the credit needs of all the communities where they do business, especially low-to-moderate income communities and families. Banks are regularly examined for compliance by the Office of the Comptroller of the Currency.

Wells Fargo's most recent examination, for Oct. 1, 2004, through Sept. 30, 2008, covered the 23 community banking states where Wells Fargo operated before its merger with Wachovia.

 "As a financial services company, we are responsible for investing in the communities where our team members and customers live and work to help keep them healthy and create future economic growth and prosperity," said Nathan Christian, Wells Fargo regional president for Colorado, in a statement. "Not only is it the right thing to do, but also when our communities prosper, so do we. We're proud to be recognized by the OCC for our commitment to our communities."

San Francisco-based Wells Fargo (NYSE: WFC) is Colorado's largest bank by deposits.

Source: Denver Business Journal rmcgaw@bizjournals.com