News
Member News
The Boston Globe
(10-22-13)
Columnist Steven Syre comments on the bankruptcy proceedings of Charles Street AME Church, currently seeking protection from the $5 million in loans it has been unable to repay to OneUnited Bank and other creditors. Syre writes that bankruptcy judge Frank Bailey's decision provides a road map to resolving the dispute by rejecting the church’s reorganization plan, but refusing the bank’s request to dismiss the bankruptcy case entirely. The judge turned down the Charles Street reorganization plan for several reasons, including the fact that its aggressive repayment schedule would keep the church and its congregation dangerously close to the financial edge for the next 20 years. According to Syre, successful resolution will depend on a reduction of debt from OneUnited, the church's willingness to sell some of its three other properties, Charles Street AME’s friends ability to raise money and a larger commitment on the part of the church’s umbrella organization, the First Episcopal District of Philadelphia, to become involved.
City First Foundation
(11-7-13)
The City First Family of Companies will be holding its inaugural finance summit, "The Resurgence of Neighborhoods: Fueling D.C.'s Economic Growth" on November 7, 2013 at the Omni Shoreham Hotel in Washington. The summit will focus on how small businesses, new housing options, increased transportation options and innovative financing are changing neighborhood dynamics, contributing to Washington's population growth and building the city's economic vitality. Speakers will discuss how the success of Washington's highly desirable neighborhoods can be replicated in underserved neighborhoods while avoiding gentrification that jeopardizes equity and cultural diversification. Attendees are encouraged to register here.
Of Interest
CDFI Fund
(10-23-13)
The U.S. Department of the Treasury’s Community Development...
Member News
The Oregonian
(10-10-13)
One PacificCoast Bancorp Inc. has completed its $8.75 million purchase of fellow CDBA member Albina Community Bank's stock. Albina had been under federal and state regulatory order since 2010 to raise more money and address its bad loans. Under the deal, Albina gets the infusion of capital that regulators ordered it to obtain. Though One PacificCoast now owns most of its stock, Albina will continue to operate under its name with separate management, existing staff and its own board of directors.
The Bay State Banner
(10-9-13)
Bankruptcy Judge Frank Bailey has rejected Charles Street A.M.E. Church's plan to repay about $5 million in debt to OneUnited Bank and its other creditors. The church had taken out a $3.6 million construction loan from OneUnited which became due on June 1, 2008. Despite a total of five extensions, the church was unable to satisfy its debt by Sept. 1, 2009. A year later, on Aug. 17, 2010, OneUnited sued the church for breach of contract. With about $5,000 in cash and running monthly operating deficits of as high as $20,000, Charles Street’s repayment plan relied heavily on completing its proposed Roxbury Renaissance Center, which would raise funds with rental income from hosting events. But none of the church's figures included repayment of the debt. Bailey’s ruling requires Charles Street to develop another repayment plan. It also requires a court-appointed examiner to monitor the church’s financial activities.
Of Interest
Wall Street Journal
(10-15-13)
Wilbur Ross, whose Talmer Bancorp has agreed to invest $97 million to take over Capitol Bancorp's stakes in its four remaining banks, said Tuesday that such deals without government assistance are fast becoming the model for rescuing troubled banks. Capitol Bancorp, which filed for Chapter 11 protection in August 2012, once operated 64 small banks in areas that were particularly hard hit when the nation's housing...
One PacificCoast Bancorp Inc. has completed its $8.75 million purchase of fellow CDBA member Albina Community Bank's stock. Albina had been under federal and state regulatory order since 2010 to raise more money and address its bad loans. Under the deal, Albina gets the infusion of capital that regulators ordered it to obtain. Though One PacificCoast now owns most of its stock, Albina will continue to operate under its name with separate management, existing staff and its own board of directors.
Member News
Federal Home Loan Bank of Dallas
(10-8-13)
BankPlus and the Federal Home Loan Bank of Dallas awarded $20,000 in Partnership Grant Program funds to Dress for Success Metro Jackson, which assists underserved, low-wage earning women in obtaining the proper attire and skills to gain employment. The program helps more than 500 women annually. "BankPlus has done an awesome job working with us," said Pat Chambliss, executive director of Dress for Success Metro Jackson. "They've come out and done seminars for the women we serve, teaching them how to manage their money, set up banking accounts and other financial literacy skills. A lot of our clients are from a disadvantaged background and they were unable to open a checking account or a savings account. Now they feel confident about their situations. I couldn't have asked for a better corporate partner than BankPlus." Dress for Success will use its partnership grant for capacity building, including hiring additional part-time staff for its career center, as well as implementing a health and wellness program.
The Wall Street Journal
(9-27-13)
Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, announced that Lewis Jones III, Kenneth Knuckles and Colvin Grannum have been appointed to the Company's Board of Directors. Lewis Jones III is managing principal and co-founder of 5 Stone Green Capital. Kenneth Knuckles is the president and chief executive officer of the Upper Manhattan Empowerment Zone Development Corporation. Colvin Grannum is president of the Bedford Stuyvesant Restoration Corporation. "Carver is pleased to announce the appointment of three exceptional business leaders to the Board as we work to ensure that Carver remains a strong and trusted resource in the urban communities that we serve," said Robert Holland, Lead Independent Director of Carver. "Their collective experience will be of tremendous value to our Board and management team as we work in concert to guide the Company on the execution of its business strategy going forward."
Of Interest
CDBA Member BankPlus and the Federal Home Loan Bank of Dallas awarded $20,000 in Partnership Grant Program funds to Dress for Success Metro Jackson, which assists underserved, low-wage earning women in obtaining the proper attire and skills to gain employment. The program helps more than 500 women annually. "BankPlus has done an awesome job working with us," said Pat Chambliss, executive director of Dress for Success Metro Jackson. "They've come out and done seminars for the women we serve, teaching them how to manage their money, set up banking accounts and other financial literacy skills. A lot of our clients are from a disadvantaged background and they were unable to open a checking account or a savings account. Now they feel confident about their situations. I couldn't have asked for a better corporate partner than BankPlus." Dress for Success will use its partnership grant for capacity building, including hiring additional part-time staff for its career center, as well as implementing a health and wellness program.
Member News
Westfair Communications
(9-30-13)
Empire State Development Corp., a New York State economic development agency, has partnered with the Metropolitan Transportation Authority (MTA) and Manhattan-based Carver Federal Savings Bank to make it easier for small businesses to bid on construction projects with the MTA. The state’s aim is to increase the availability of funds for the MTA’s high-capital projects through its Small Business Mentoring Program, which provides businesses with mentoring, training, surety bonding services and access to loan capital. The maximum amount of loans Carver Federal Savings Bank will provide has increased to $900,000, up from $150,000. This increase in the amount of lending through the bank is intended to help small businesses grow, create jobs, provide more competitive prices for MTA construction contracts, and save the state money, MTA CEO Thomas F. Prendergast said.
City First Foundation
(11-7-13)
The City First Family of Companies will be holding its inaugural finance summit, "The Resurgence of Neighborhoods: Fueling D.C.'s Economic Growth" on November 7, 2013 at the Omni Shoreham Hotel in Washington. The summit will focus on how small businesses, new housing options, increased transportation options and innovative financing are changing neighborhood dynamics, contributing to Washington's population growth and building the city's economic vitality. Speakers will discuss how the success of Washington's highly desirable neighborhoods can be replicated in underserved neighborhoods while avoiding gentrification that jeopardizes equity and cultural diversification. Attendees are encouraged to register here.
Of Interest
New York Times
(10-1-13)
In an New York Times editorial debate, banking industry experts put forward their views on the potential value of state-run banks. Only one U.S. state, North Dakota, currently owns a bank. But that bank has been so successful – and the financial systems elsewhere have been so problematic – that 22 other...
Manhattan-based Carver Federal Savings Bank has parnered with Empire State Development Corp., a New York State economic development agency and the Metropolitan Transportation Authority (MTA) to make it easier for small businesses to bid on construction projects with the MTA. The state’s aim is to increase the availability of funds for the MTA’s high-capital projects through its Small Business Mentoring Program, which provides businesses with mentoring, training, surety bonding services and access to loan capital. The maximum amount of loans Carver Federal Savings Bank will provide has increased to $900,000, up from $150,000. This increase in the amount of lending through the bank is intended to help small businesses grow, create jobs, provide more competitive prices for MTA construction contracts, and save the state money, MTA CEO Thomas F. Prendergast said.
CDBA member Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, announced that Lewis Jones III, Kenneth Knuckles and Colvin Grannum have been appointed to the Company's Board of Directors. Lewis Jones III is managing principal and co-founder of 5 Stone Green Capital. Kenneth Knuckles is the president and chief executive officer of the Upper Manhattan Empowerment Zone Development Corporation. Colvin Grannum is president of the Bedford Stuyvesant Restoration Corporation. "Carver is pleased to announce the appointment of three exceptional business leaders to the Board as we work to ensure that Carver remains a strong and trusted resource in the urban communities that we serve," said Robert Holland, Lead Independent Director of Carver. "Their collective experience will be of tremendous value to our Board and management team as we work in concert to guide the Company on the execution of its business strategy going forward."
Member News
CDBA
(9-24-13)
Eight CDBA Members received $9.526 of a total of $12.3 million in awards to CDFI banks in the FY 2013 funding round of the CDFI Program. $172 million in awards were distributed in total by the CDFI Fund. Six of the CDBA members were awarded the maximum amount of $1,347,000. Congratulations to the following CDBA members who have received CDFI Core Awards: Central Bancshares of Kansas City – $597,000; CityFirst Enterprises – $847,000; First Eagle Bancshares – $1,347,000; Guaranty Capital Corporation – $1,347,000; Greater Chicago Financial Corp – $1,347,000; OnePacific Coast Bancorp – $1,347,000; Southern Bancorp Bank – $1,347,000 and Virginia Community Capital – $1,347,000.
City First Foundation
(11-7-13)
The City First Family of Companies will be holding its inaugural finance summit, "The Resurgence of Neighborhoods: Fueling D.C.'s Economic Growth" on November 7, 2013 at the Omni Shoreham Hotel in Washington. The summit will focus on how small businesses, new housing options, increased transportation options and innovative financing are changing neighborhood dynamics, contributing to Washington's population growth and building the city's economic vitality. Speakers will discuss how the success of Washington's highly desirable neighborhoods can be replicated in underserved neighborhoods while avoiding gentrification that jeopardizes equity and cultural diversification. Attendees are encouraged to register here.
Madison County Journal
(9-18-13)
BankPlus and the Madison County Journal have partnered with the "Student 360" initiative, which highlights scholastic achievement in Madison County, Miss. The program features high school seniors from over a dozen area public and private schools. Each week for 13 weeks, the Madison County Journal will highlight a high school senior with a profile. In May, two of the students will win a cash scholarship from BankPlus. "BankPlus is committed to being a part of the communities in which we serve. We...
Community Development Bankers Association Press Release
WASHINGTON (September 24, 2013) – Eight CDBA Members received $9.526 million of a total of $12.3 million in awards to CDFI banks in the FY 2013 funding round of the CDFI Program. $172 million in awards were distributed in total by the CDFI Fund. Six of the eight CDBA members were awarded the maximum amount of $1,347,000.
The following CDBA members have received CDFI Core (Financial Assistance) Awards:
•Central Bancshares of Kansas City (Central Bank of Kansas City) (Kansas City, Mo.) – Core $597,000
•CityFirst Enterprises (City First Bank of DC) (Washington, D.C.) – Core $847,000
•First Eagle Bancshares (First Eagle Bank) (Hanover Park, Ill.) – Core $1,347,000
•Guaranty Capital Corporation (Guaranty Bank) (Belzoni, Miss.) – Core $1,347,000
•Greater Chicago Financial Corp (ABC Bank) (Chicago, Ill.) – Core $1,347,000
•OnePacific Coast Bancorp (OnePacific Bank) (Oakland, Calif.) – Core $1,347,000
•Southern Bancorp Bank (Arkadelphia, Ark.) – Core $1,347,000
•Virginia Community Capital (Virginia Community Capital Bank) (Christiansburg, Va.) – Core $1,347,000
The following non-CDBA CDFI banks and holding companies also received CDFI Fund Core and SECA Awards totaling $2.794 million:
•Carver Financial Corporation (Carver State Bank) (Savannah, Ga.) – SECA $600,000
•Liberty Financial Services Corporation (New Orleans, La.) – Core $1,347,000
•PGB Holdings (Global Pacific Bank) (Chicago, Ill.) - Core $847,000
The CDFI Fund made 191 awards totaling more than $150 million to organizations in 37 states and the District of Columbia. The Fund received applications from 400 organizations, of which 389 were deemed eligible to advance to the review process. The Fund reported that 148 FA and 43 TA awards were made to 143 loan funds, 35 credit unions, 11 depository institutions/holding companies and 2 venture capital funds.
The 11 bank depository institutions/ holding companies received awards totaling $12.32 million (8.2% of the total awards). This is the largest number of bank depository institutions/holding companies to receive awards in recent years.