Central Bank of Kansas City
Central Bank of Kansas City is a community bank with a long and successful history of business lending and outreach, based on its strategy of revitalizing the urban core and building wealth in low-income neighborhoods. With the main branch in Kansas City’s Historic Northeast neighborhood—where it was founded in 1951—Central Bank attends to the needs of the typically underserved in the Kansas City metropolitan area. The bank has been a continual recipient of the CDFI Bank Enterprise Award for its involvement in the community it serves.
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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.
Central Bank of Kansas City (CBKC) has supported small businesses and individuals for over 70 years. Throughout the COVID-19 pandemic, the locally owned bank has supported its community by administering Paycheck Protection Program (PPP) loans, feeding senior citizens, supporting local classrooms and sharing financial education resources. Since 1998, CBKC has been proud to be a Community Development Financial Institution (CDFI). The CDFI Fund is a U.S. Treasury initiative to increase economic opportunity and promote community development investments for underserved populations and in distressed communities.