News
Michel Poignant thinks the industry is approaching mobile wallets the wrong way. The PayToo CEO believes companies should focus their efforts on adding services that consumers value rather than putting technology such as NFC at the center of mobile wallets. CDBA member City National Bank of New Jersey is now working with PayToo to expand its reach. As part of this strategic alliance, PayToo markets the bank's products and services nationally under the PayToo brand. Customers can perform all of their banking on the PayToo wallet, including depositing their paycheck, topping-up cell phone time with 300 carriers, paying bills and transferring money person to person.
Peoples Bank partnered with SBA in 1989 to help Mississippian’s start, build and grow businesses. Twenty-seven years later, 642 small businesses have been able to grow and develop because of this partnership. Peoples Bank continues to receive outstanding awards for their commitment and dedication to helping grow local small businesses. SBA executives presented the award recently at the Mississippi event held in Jackson. Janita Stewart, SBA District Director, commented, “Congratulations again…Peoples Bank really makes a difference in entrepreneurial development and contributes to the growth of small businesses in our state.”
OneUnited Bank has announced a partnership with BMe Community, a national network of black male leaders dedicated to building prosperous communities. OneUnited will become BMe Community’s preferred bank with a $1 million initial deposit. Both organizations place a strong emphasis on the importance of strengthening the black community through initiatives that focus on economics, community development, entrepreneurship and technology. “It’s a matter of integrity,” said Trabian Shorters, CEO of BMe Community. “If a foundation, corporation or association says they want to help the black community, then we’ll know it’s true if they bank black too.”
Chicago’s Urban Partnership Bank has launched a campaign to raise at least $15 million in new equity. The bank's chairman, David Vitale, is meeting with CEOs of locally headquartered banks like Northern Trust, PrivateBancorp, Wintrust Financial and MB Financial to help the bank recapitalize. Urban Partnership is operating under an Aug. 5 consent order with state and federal bank regulators that requires it to raise capital and pursue a new business plan. Investing in Urban Partnership could appeal to local bankers because, as a CDFI, an investment in UPB will give their banks credit under the Community Reinvestment Act. Their choice: Build their own branches in parts of the city they might prefer to avoid or help prop up Urban Partnership, which already is serving many of those areas.
Sunrise Banks sponsored the third annual TEDxMinneapolis in Minneapolis, Minnesota. The event fosters the sharing of ideas between Minneapolis’ most innovative thinkers and groups. This year, with the help of EventLab, Sunrise brought the concept of “speed volunteering” to TEDx and created an interactive booth where attendees could volunteer for Fraser, Minnesota’s largest and most experienced provider of autism services. Attendees at the booth spent 5-10 minutes making sensory toys for use with the children in Fraser’s programs. "The people who took part had fun, learned a lot about Fraser’s mission and their history and got to get some stress relief," said Sunrise Banks marketing specialist Tucker Combs.
Neighborhood Bancorp in San Diego, holding company of Neighborhood National Bank, has an agreement in place to raise $6 million from Chicago's Taylor Asset Management in Chicago. The deal will effectively double the bank's capital, raising the bank's Tier 1 capital ratio to more than 18% and its total risk-based capital to more than 38%. "This agreement represents an important step in recapitalizing and positioning the bank for future growth," said Dan Yates, the bank's president and chief executive. Taylor Asset Management has been involved in the turn arounds of several California banks, including Tri-Valley Bank in San Ramon, Coast National Bank in San Luis Obispo, Pan Pacific Bank in Fremont and Sierra Vista Bank in Folsom.
Can a bank be beneficial to all and harmful to none?
Does your bank do only good and no harm? Do you know? Beneficial State Bank aims to bank in a way that is beneficial to all and harmful to none. It’s more than a platitude. They proactively measure themselves against goals such as how many affordable housing units they have financed, how many kilowatt hours of clean energy their loans have produced and how many millions of dollars they have loaned non-profits.
Kat Taylor and her husband set out to create a business that would do social good with a sustainable business model. So far, they seem to be doing quite well.
Cachet Financial Solutions, Inc. and Central Bank of Kansas City have rolled out an end-to-end reloadable prepaid card program for banks, credit unions and alternative financial services providers. Powered by Central Bank of Kansas City's program managmenet and Cachet's award-winning Select Mobile Money technology, the new card program provides a more convenient way for financial institutions and marketing organizations to offer general purpose reloadable prepaid cards. It also makes card usage more engaging and convenient for customers. The companion mobile app can be customized with corporate branding, a range of optional features and a suite of tools that can help card distributors manage their card programs and engage card users.
Black and Latino interns and professionals from across Chicago’s financial industry attended the third annual Summer Intern Career Conference at the Federal Reserve Bank of Chicago organized by the Financial Services Pipeline Initiative. The initiative was co-founded by Urban Partnership Bank to increase the representation of Latinos and African Americans at all levels of Chicago’s financial industry. African-Americans and Latinos make up 38% of the Chicago area population but are only employed in 22% of jobs in Chicago’s financial services industry. Only 5% of executives and senior-level managers are African-American or Latino. The initiative now includes eighteen Chicago-area financial institutions.
Southern Bancorp’s 2015 annual report describes the institution's growing impact. In 2015, Southern provided 2,726 individuals and families with financing for affordable housing and homeownership. It also supported 4,419 jobs through commercial, small business and microloans – over 75% of which were made in low to moderate income census tracts. Roger Perry was one entrepreneur who thrived with help from Southern. Roger built his auto detail business one car and one client at a time. It was that tenacity that attracted the attention of Southern Bancorp to provide the financial and technical assistance access needed for him to build a facility in which he and his employees could wash cars year round. Today, RP Detail is a thriving testament to the spirit of entrepreneurship.