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CDBA CEO Jeannine Jacokes was featured on the latest episode of "NextGen Banker," a pocast hosted by Sunrise Banks CEO David Reiling. The podcast approaches the unprecedented opportunities in the banking industry over the last decade and how bankers can be technologically savyy. On the most recent episode, Ms. Jacokes discusses community banking as well as what she’s learned during her time in government and how bankers can create partnerships with legislators.
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.
Detroit-based First Independence Bank, one of only 18 Black-owned full-service banks in the country, has filed an application to open a branch in the Twin Cities. The first branch is set to open in November. Five banks in the Twin Cities—Bank of America, Bremer Bank, Huntington Bank, U.S. Bank, and Wells Fargo—are each supporting First Independence Bank's arrival with capital, research, marketing, and other services to assure its start-up and long-term success. Gov. Tim Walz welcomed the news. "In Minnesota, we know that a strong economy is an equitable economy, and the opening of First Independence Bank is a notable milestone to achieving an economy that works for all Minnesotans," Walz said in a joint statement with Lt. Gov. Peggy Flanagan released on Aug. 19. "I offer my warmest congratulations to First Independence Bank, and I thank our entire banking community in Minnesota for providing the support and capital to make this a reality."
First Eagle Bank delivered a new dream bedroom to Harry, a 13-year-old Bartlett teen battling cancer. Harry was diagnosed with leukemia in February 2021 and has spent much time in and out of the hospital. The Hanover Park based bank partnered with Illinois based charity Special Spaces Chicagoland to create Harry's dream bedroom in a single day. "Children battling cancer spend endless hours in their room, it was an honor to be involved in sponsoring and creating a safe space for Harry during such a challenging time," said Gene Khalimsky, Vice President at First Eagle Bank. Khalimsky is well aware of the impact of childhood cancer as his daughter also spent years battling leukemia and received a room makeover from Special Spaces while in treatment in 2013 -- she is now a healthy 14-year-old. "First Eagle Bank is proud to contribute to the community and give back to such a great cause," he said. First Eagle Bank, which has always taken an active role in the local community, is very proud of its outstanding Community Reinvestment Act rating and Community Development Financial Institution certification. It is committed to providing credit, capital, and financial services to underserved communities and its staff is personally committed and involved with nonprofits such as Special Spaces Chicagoland to assist people in any way possible. First Eagle Bank is looking to make a difference in people's lives -- its customers, its community and each other.
Six Black banks — including four of the nation's largest — have joined a new digital platform by Citi. The action could help the banks increase lending to African American entrepreneurs. According to a news release, the banks are part of a consortium linking with Bridge built by Citi, a bank-led, digital meeting place that connects businesses seeking loans up to $10 million. The "first-of-its-kind platform is aimed to expand access to capital and financial services to Black small business owners. The platform launched by Citi matches local and regional banks with local small businesses needing funding for improvements and expansion amid the post-COVID-19 pandemic. The initiative will initially consist of 18 banks that Citi will send business leads to. Banks on the program include Mechanics & Farmers Bank in Durham, North Carolina; Optus Bank in Columbia, South Carolina; and Carver State Bank in Savannah, Georgia