Last September, the Banker’s Advocate published an article by the AGIO showcasing how those in the banking industry can use the GeoStor program to their advantage.

We recently received feedback from an individual with Chambers Bancshares Inc. (CBI) who came across that article and told us just how extensively the program has been a helpful tool for its bankers across the state.

“I was very impressed with the service as it located properties we had been unable to find using FFIEC’s ‘geocoding’ system. Many of our locations are in rural areas and this system found the addresses with no problem, and gave us the exact (census) tract information we needed for the Home Mortgage Disclosure Act,” she said.

According to this individual, GeoStor helps CBI locate properties and areas of those who have filed for new loan requests, which bankers may be unfamiliar with otherwise. With each request, GeoStor helps bankers gather “accurate census tract information” to complete their requests.

Many bankers currently use the FFIEC system, which locates properties by ZIP code. However, as the individual who contacted us pointed out, some people have mailboxes within the city but may actually reside outside of the city limits. The FFIEC system is limited not only because of its incomplete database, which may be unable to locate several address points outside of city limits, but also because of its broad search range by ZIP code.

The GeoStor program is constantly being updated by the AGIO, and relies on the maintenance of Arkansas Centerline File (ACF) data by county 911 offices and judges. GeoStor is able to make up for the shortcomings of the FFIEC system because up-to-date ACF data allows GeoStor to pinpoint rural areas and address points, thus placing loan requesters in their appropriate census tracts. Accuracy is imperative for bankers regarding HDMA and CRA reporting since the loan requests are filed by the census tract numbers.

In Arkansas, CBI currently services all of Madison, Pike, Polk, Scott, Sebastian, and Yell Counties, and certain tracts within Benton, Clark, Garland, Logan, Montgomery, Pope, and Washington Counties.