CDBA Members Win $14.1 Million in Capital Magnet Awards

Friday, March 16, 2018

Last week, the CDFI Fund awarded 40 organizations $120 million in Capital Magnet Fund Awards for the development of affordable housing and related economic development activities in low-income communities. Five CDBA member banks received CMF Awards: BankPlus in Ridgeland, MS: $700,000; MS; Beneficial State Bank in Oakland, CA: $3 MM; Legacy Bank and Trust in Rogersville, MO: $2.4 MM; United Bank of Alabama in Atmore, AL: $4 MM; and Virginia Community Capital in Christiansburg, VA: $4MM. In total, 7 CDFI banks and 2 CDFI bank holding companies applied, with 55% receiving awards. Congratulations to the winners!