Delaware maintains economic stability, again misses FDIC ‘Underserved’ list

Delaware has once again avoided designation as a “distressed” or “underserved” area in the latest Community Reinvestment Act (CRA) report, signaling continued economic stability for the First State. This news comes as federal regulators released their annual assessment of areas eligible for special consideration under community development initiatives.

The report, jointly issued by the Federal Reserve, FDIC, and Office of the Comptroller of the Currency, evaluates non-metropolitan middle-income areas nationwide. Delaware’s absence from this list for at least the past eight years suggests the state has maintained lower unemployment, poverty, and population loss levels than the federal criteria for economic distress.

“While Delaware does not have any areas that meet the ‘distressed’ or ‘underserved’ designation, there is still work to be done to serve all our communities through ongoing community reinvestment efforts, public-private partnership opportunities, and other initiatives,” said WSFS Chief Community Impact Officer Justin Dunn.

“Our investments in our communities through grants from the WSFS CARES Foundation, strong partnerships with local organizations, and thousands of volunteer hours from our Associates each year go hand-in-hand with our CRA-focused initiatives to help provide vital support across our footprint,” he said. “We take this commitment seriously and have always believed that when our communities do well, we do well.”

For example, WSFS pointed to its Neighborhood Opportunity Program, designed to help individuals and families with limited income realize their dreams of homeownership through low downpayment options, no private mortgage insurance (PMI) and homebuyer education programs.

While Delaware’s stable economic indicators cause cautious optimism, community leaders and bankers stress the ongoing need for targeted investment and support in these areas.

As Delaware continues to navigate its economic landscape, the CRA remains a vital tool for encouraging financial institutions to meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods. For residents and businesses in qualifying areas, this means continued opportunities for access to credit, community development initiatives, and financial services that foster economic growth and stability.

For residents and businesses in Delaware, it means continued efforts by financial institutions to create innovative programs.

Peter Osborne

Peter Osborne has more than 15 years of experience as an award-winning business reporter and editor, leading two papers (the Delaware Business Times and Dallas Business Journal) to recognition as the nation’s most improved business publications. Osborne also helped launched The News Journal’s Business Monday section and worked in communications and business development for MBNA America and Bank of America.