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.
Many bank executives are excited about the benefits created by Opportunity Zones. However, other banks are still wondering if participation in them is even feasible. CDBA's Jeannine Jacokes offers her insights in this special report from American Banker. The article also features CDBA members Dominik Mjartan of Optus Bank, Tom Nida of City First Bank, Adam Northup of Virginia Community Capital, and Bill Dana of the Central Bank of Kansas City, all of whom support stronger regulations for Opportunity Zone projects.
B Corps are businesses that have been certified by the nonprofit B Lab as being committed to the ideal of using "business as a force for good." As community development banks already have that ideal built into their foundations, these banks make a great fit for the B Corp movement. "It's in our DNA to serve our community, particularly low- and moderate-income communities," says City First Bank CEO Brian Argrett. "Our approach to being a community bank was already fully aligned with what B Lab was doing." CDBA's Spring Bank and Sunrise Banks are also identified as stellar examples.
City First Bank is pleased to announce several new board and executive team appointments, including The Honorable Marie C. Johns, Ms. Shannon Herbert, Mr. Tom Nida, and more. "The last several years have seen robust growth at City First Bank. Adding this level of leadership to our already very talented team allows us to better serve our clients and community," says City First Bank President and CEO Brian E. Argrett. "Our talented leadership team members help us to equitably advance our communities. We are delighted to have them on board."