City First Bank of DC
City First Bank delivers innovative and creative community development finance services to low- and moderate-income communities of Washington DC and nearby suburbs. The only dedicated community development bank in the region, City First focuses on building assets – financing small companies, affordable housing, and community facilities. City First provides a range of banking services to nonprofit organizations and small businesses. They offer competitive returns to socially motivated investors who want a double bottom line return. With aid from the New Markets Tax Credit, they are able to finance large scale projects and offer subsidized financing for eligible projects that offer demonstrated and sustained benefits in low wealth neighborhoods.
This past week, CDBA was proud to host its first ever congressional staffer bus tour. On the morning of October 12th, CDBA's Public Policy Director Samantha Booth and CEO Jeannine Jacokes boarded a full bus to take a tour of CDFI impact sites in Washington, D.C. The tour, co-led by City First Bank and Industrial Bank, stopped by many of the banks' success stories, including the Elaine Ellis Health Center, Trinity Plaza Day Care, and THEARC.
CDBA Members are consistently on the cutting edge of new opportunities to maximize and publish the social impact that they are having in local communities across the country. Therefore it is fitting that City First Bank & Southern Bancorp are two of the first institutional members to join Mighty, a new platform that will help "small but powerful" banks to connect with potential depositors or investors, especially among the Millennial demographic, who are seeking a bank that makes a positive social impact.
Out of the historic $7 Billion New Market Tax Credit Allocation announced just before the Thanksgiving holiday, CDBA members represented 4 of the 5 total banks who received tax credit funding. Central Bank of Kansas City was awarded $80 milliom, City First Bank of DC was awarded $75 million, Sunrise Banks was awarded $70 million, and United Bank of Alabama received $65 million. Click here to read the full list of national awardees.