Legacy Bank & Trust
Chartered in 1907, Legacy Bank & Trust serves as a financial leader in economic and community development by providing financial products and services in the largely underserved populations of Southcentral Missouri. We pride ourselves on being active in our communities, and strive to continue to do so for years to come!
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Yesterday, the CDFI Fund released the FY2021 Capital Magnet Fund (CMF) award announcement, awarding over $336 million to 32 CDFIs and 27 Nonprofit Housing Organizations. This year: Three CDFI banks or bank holding companies and one CDFI bank affiliate received awards: Beneficial State Bancorp, Inc.; Central Bank of Kansas City; City First Enterprises, Inc.; and Legacy Bank & Trust Company; of the three CDFI banks or bank holding companies and one CDFI bank affiliate, all were either CDBA members or affiliated with a CDBA member; collectively, these banks increased their awards by $4.9 million over their previous award amounts; a total of 146 organizations applied for the FY2021 round requesting more than $991 million in CMF awards. Of those applicants, three were banks or thrifts and two were depository institution holding companies.
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2020 round of the New Markets Tax Credit Program. The 7 CDBA member banks receiving awards were Central Bank of Kansas City, The Harbor Bank of Maryland, Peoples Bank, Legacy Bank & Trust, Sunrise Banks, Southern Bancorp, and United Bank.
The CDFI Fund recently awarded 23 CDFIs Capital Magnet Fund awards for FY 2019. Among the awardees were Beneficial State Bank, Legacy Bank and Trust, United Bank, and Virginia Community Capital. The Capital Magnet Fund helps to create and preserve affordable housing for low-income families and economically distressed communities by attracting private capital. The Capital Magnet Fund awards competitive grants to CDFIs and qualified non-profit housing organizations. These organizations use the grants to develop, rehabilitate, reserve, and purchase affordable housing, particularly housing targeted to Low-, Very Low-, and Extremely Low-Income families.