Augusta Business Daily

Friday, June 9, 2023

Local bank receives top rating in government report

A Georgia bank with many ties to Richmond and Columbia County, recently received the best possible rating in a federal government report.

Queensborough National Bank, which has more than 25 branches throughout the state, was rated “Outstanding” by the Office of the Comptroller of the Currency in its Community Reinvestment Act report for the period of Jan. 1, 2018, to Dec. 31, 2020. This rating was based on the bank’s practice of “meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operation of the institution,” the report states.

Queensborough developed IQ University – a free financial literacy series of classes for individuals, families, and businesses – and offers many financial services, such as free checking accounts, mortgage loans, and investment accounts.

The CRA report analyzed several factors and found Queensborough excelled in the number of loans it originated and the geographic distribution of loans, as well as providing loans for individuals and businesses with various income levels. In just three years, Queensborough originated 3,637 home mortgage loans, which totaled over $851 million, and 1,452 small business loans, which totaled over $221 million.

The bank was founded in Louisville in 1902 as the First National Bank and Trust Company. In 2006, the name was changed to Queensborough National Bank & Trust Company. The bank has several branches in the CSRA, including Grovetown, Evans, Martinez, and Hephzibah.

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