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FDIC upgrades BancorpSouth Bank's CRA rating to 'satisfactory'

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FDIC upgrades BancorpSouth Bank's CRA rating to 'satisfactory'

The Federal Deposit Insurance Corp. has upgraded BancorpSouth Bank's Community Reinvestment Act rating to "satisfactory."

The BancorpSouth Inc. unit received written confirmation of the move on Oct. 6. The upgrade was based on the Tupelo, Miss.-based bank's "outstanding" performance on the FDIC's service test and "high satisfactory" performance on each of the agency's lending and investment tests.

The FDIC in 2016 retroactively downgraded BancorpSouth Bank's rating to "needs to improve" from "satisfactory," effective as of the 2013 CRA exam, based on the consent order with the U.S. Justice Department and the Consumer Financial Protection Bureau to settle alleged violations of the Equal Credit Opportunity Act and the Fair Housing Act.