Revised 2/24/2025
Sterling Federal Bank was originally organized in October of 1885 under the name of Whiteside County Building and Loan. In October of 1934, the name Sterling Federal Savings and Loan Association was assumed together with obtaining a Federal Charter and insurance of accounts. In May of 1990, a Federal Savings Bank charter was obtained and the present name was adopted.
It is the responsibility of the Bank’s Chief Lending Officer to provide the appropriate loan information needed for the Bank’s CRA Officer to perform his/her duties.
The Bank defines its primary lending area as Lee, Whiteside and Ogle Counties in the State of Illinois and Clinton County in the State of Iowa. A map delineating these areas is attached. In these areas, the Bank offers to applicants the following types of credit:
- Conventional residential mortgage loans for one to four dwelling units
- Residential mortgage loans for units containing five or more dwelling units
- Rural Development Loans
- Home Equity/Home Improvement loans
- Consumer loans
- Mortgage loans for commercial real estate and industrial properties
- Equity Line of Credit loans
- Mobile Home loans
- Motor Home loans
- Automobile, Boat, Motorcycle, Recreational Vehicle loans
- Commercial loans
- Agricultural loans
- Other credit extensions allowed by the law and regulation and as adopted by the Board of Directors of the Bank.
The above types of credit extension are subject to market conditions and the availability of funds. In all instances the extension of credit will be consistent with the safe and sound operation of the Bank and with its loan underwriting standards.
It is the policy of the Bank to serve its primary lending area to the best of its ability; however, it will not take part in any loan that would jeopardize the Bank’s safety.
The Bank will work closely with local Realtors in order to keep them advised of its policy and to receive their input on local credit needs.
The Bank’s loan officers are available for counseling and advice concerning housing and consumer credit.
Community Reinvestment Act Notice
Under the Federal Community Reinvestment Act (CRA), the Comptroller of the Currency evaluates our record of helping to meet the credit needs of this community consistent with safe and sound operation. The Comptroller also takes this record into account when deciding on certain applications submitted by us.
Your involvement is encouraged.
You are entitled to certain information about our operations and our performance under the CRA, including, for example, information about our branches, such as their location and services provided at them; the public section of our most recent CRA Performance Evaluation, prepared by the Comptroller; and comments received from the public relating to our performance in helping to meet community credit needs, as well as our responses to those comments. You may review this information today.
At least 30 days before the beginning of each quarter, the Comptroller publishes a nationwide list of the banks that are scheduled for CRA examination in that quarter. This list is available from the Deputy Comptroller for the Central District at 425 South Financial Place, Suite 1700, Chicago, Illinois 60605. You may send written comments about our performance in helping to meet community credit needs to President, Sterling Federal Bank, 110 E. 4th Street, Sterling, IL 61081 and to the Deputy Comptroller for the Central District at 425 South Financial Place, Suite 1700, Chicago, Illinois 60605. Your letter, together with any response by us, will be considered by the Comptroller in evaluating our CRA performance and may be made public.
You may ask to look at any comments received by the Deputy Comptroller. You may also request from the Deputy Comptroller an announcement of our applications covered by the CRA filed with the Comptroller.
Assessment Areas
OCC Public Disclosure (PDF)
