Recent News
Urban Partnership Bank, a CDBA member and CDFI Bank is tackling Chicago's epidemic of violence by investing in local communities using their innovative commercial lending, small business and affordable housing products. And for the first time in 6 years, they are making a profit doing so.
Mission Valley Bancorp reported record high net earnings of $3.478 million for the year ended Dec. 31, 2016, up 11 percent from the previous year. President & CEO Tamara Gurney of Mission Valley Bancorp, a CDBA member, stated "2016 was a very good year for Mission Valley and as we enter into 2017, our balance sheet is well positioned to benefit from a higher interest rate environment. We have a sound, diversified balance sheet, a solid capital base to carry us forward and a tremendous team dedicated to our success and to the success of our clients and shareholders. Mission Valley... Read more
Supporters of the Community Development Financial Institutions Fund, are weighing the potential for budget cuts against the administration's interest in creating jobs and helping low-income communities. “Obviously there’s a concern about the future support” for the fund, said Jeannine Jacokes, executive director of the Community Development Bankers Association. Jacokes said she hopes that Treasury Secretary-designate Steven Mnuchin will realize that he “already has some proven and highly effective tools right under his nose at the CDFI Fund.”
Research regularly suggests that large numbers of investors are interested in the idea that their money could be put to use so that it has a positive impact on society and the world, as well as earning them a financial return. Barclays Bank research suggests 54 per cent of investors in the UK feel this way, while a separate Morgan Stanley study puts the figure at 71 per cent; amongst the millennial generation meanwhile, the latter research put interest levels at 84 per cent.
In honor of Black History Month, the executives of Carver Bancorp, parent company of Carver Federal Savings Bank, will ring The Nasdaq Stock Closing Bell today at4:00 pm Eastern. "As the first African-American managed bank to be listed on The Nasdaq Stock Market, it is befitting for Carver to ring the Closing Bell on the first Monday of Black History Month," remarked Carver's President and CEO Michael T. Pugh.
The CDFI Fund recently released a Data Review to accompany the Access to Capital and Credit in Native Communities report that discusses challenges and opportunities for Native consumers, Native business owners, and tribal communities and governments in accessing financial services. This data has been historically challenging to collect, and this report & data review are indicative of the CDFI Fund's commitment to holistic financial inclusion nationwide.
United Bank of Alabama has maintained its 5-Star Superior rating from Bauer Financial, which recognizes a bank's financial strength and performance based on their profitability, capital, level of delinquent loans, among other factors.
Virginia Community Capital strives to continually bring new and innovative opportunities to the Virginia residents. They have recently announced the creation of a Small Business Solar Loans program that will provide business financing for solar power assets with an initial rate of 2 percent, which is far below traditional interest rates for installing solar equipment. This program demonstrates VCC's commitment to the triple bottom line adhered to by many community development banks, balancing environmental sustainability, financial inclusion, and a profit motive.
Neighborhood Bancorp, parent of Neighborhood National Bank, recently announced that they successfully completed their recapitalizing. The oversubscribed offering raised $6.4 million and exceed the company's expectations.
Sunrise Bank CEO & CDBA Board Member David Reiling was named a Top 100 Thought Leader for the fourth consecutive year by Trust Across America, an organization seeks to build trust in corporate institutions. This award highlights Reilings positon as a globally known advocate for financial inclusion and empowerment of the underserved by providing innovative financial products and services.
Seaway Bank & Trust Company, the largest black-owned bank in Chicago, was closed on January 30th by the FDIC and taken over by the State Bank of Texas, the largest Indian-American-owned and operated bank. All 10 Seaway branches are expected to remain open and will continue operating under the Seaway brand.
Darrin Williams' recent opinion piece in the Arkansas Gazette extols the virtue of the Earned Income Tax Credit (EITC) program for low-income families and advocates for the passage of the Working Families Opportunity Act, which would create a statewide EITC program to accompany the federal program. Southern Bancorp, like many CDBA members participates in the Volunteer Income Tax Assistance program (VITA). Southern employees volunteer because they know that it supports their mission of creating economic opportunity for those who need it most.
Teri Williams, President and Chief Operating Officer of OneUnited Bank, penned an Op-Ed on why the #BankBlack Movement and the MDI community at large, is generating significant benefits for minority & LMI community nationwide.
Are you planning on applying for the 2017 CDFI Program Awards or NACA Program Awards? The CDFI Fund is tentatively planning to announce the opening of the application rounds in mid-February 2017. As there are significant changes to the FY 17 application, the CDFI Fund has published draft versions of the 2017 application to its website. Applicants should note that additional changes may still be made to the applications, and that a final version will be made available when the Notices... Read more
The Chief Retail Banking Officer is primarily responsible for the management, supervision, and direction of the retail/consumer products and services division for the purpose of growing loans and deposits, increasing fee income, and controlling expenses. Please circulate this job to any colleagues or contacts you think would be an excellent fit.
The benign credit environment and increase in bank stock value in the aftermath of the U.S. presidential election, has created favorable environment for small bank mergers and acquisitions. Analysts from S&P Global Market Intelligence forecast that the loan yield for small banks will expand by nearly 40 basis points in 2017.
Leveraging the power of social media, OneUnited Bank hosted a Q&A session with President & Chief Operation Officer Teri Williams and Trabian Shorters, the founder & CEO of the BMe Community. Click here to watch the recorded Facebook Live video.
Albina Community Bank is seeking a Senior Universal Banker to support with all over-the-counter banking services as well as with complying with banking laws & regulations.
Albina Community Bank and Beneficial State Bank are taking steps to increase impact in 2017 with several key leadership changes that build on the work of departing Albina CEO Cheryl Cebula. A 30-year banking veteran, Cebula joined Albina in 2003 and most recently returned the bank to strength and stability after the turbulent financial crisis. In preparation for Cebula’s March 31, 2017 departure to pursue other opportunities, her leadership roles are being assumed by Kat Taylor and Dan Skaff, co-CEOs of Beneficial State.
Listen to Lisa Servon, Professor of Urban Planning at the New School, discuss her new book, "The Unbanking of American" on NPR's Fresh Air. The book is an anthropological look at the world of informal banking alternatives targeted at low-moderate income communities. Dr. Servon immersed herself into this world and spent several months working a check-cashing business in the South Bronx and as a payday lender in Oakland.