News
The CDFI Fund has released application demand for the 2015 New Markets Tax Credit Program (NMTC program). The CDFI Fund received a total of 238 applications requesting an aggregate total of $17.6 billion in NMTC allocation authority, five times the $3.5 billion in authority available for the 2015 round. The applicants are headquartered in 43 states, the District of Columbia, Puerto Rico and Guam. The NMTC Program encourages economic development in low-income and distressed communities by making tax credits available to Community Development Entities (CDEs) for targeted investments in eligible areas. Through the first twelve rounds of the NMTC Program, the CDFI Fund has made 912 awards totaling $43.5 billion in tax credit allocation authority.
Applications are now open for The Wells Fargo NEXT Awards for Opportunity Finance. The awards are designed to promote CDFIs in their efforts to provide underserved communities with affordable and responsible products. The NEXT Opportunity Awards, a total of $7 million, will be awarded to up to four high capacity CDFIs ready to implement their strategy within 6 months of receiving an award. The NEXT Seed Capital Award will offer a $100,000 grant to one CDFI which should be on track to implement their consumer finance strategy within twelve months of receiving an award. Applications must be submitted by March 2, 5:00 PM ET. For more information, a call will be held January 27, 2016, 1:00-2:00 PM ET.
City First Bank of D.C. has several open positions:
Director of Bank Operations
The director of bank operations is responsible for branch administration, deposit operations, electronic banking and product development. This executive determines the optimal set of products, services and platforms to move the bank forward while simultaneously supporting the implementation of the bank’s strategic initiatives.
Loan Operations Specialist
The loan operations specialist works within the loan operations area. Responsibilities include inputting new loan data, processing payments and loans, non-accrual and charge off loans, generation of loan billing notices and statements and monitoring various Acquire and H360 reports to ensure the accuracy of loan data.
Deposit Operations Specialist
The deposit operations specialist is responsible for servicing and maintaining of deposit accounts. Primary duties entail processing incoming and outgoing wire requests through various delivery channels and using the Federal Reserve Bank’s Fed Advantage software.
Cross Keys Bank has announced that Chief Credit Officer Shane Bridges has been appointed as the bank’s new president. With this appointment, the position of CEO and President has been separated. Michael Vizard, who served as President and CEO from 2005-2015, will continue as CEO and as the newly elected Chairman of the Board. Vizard was also named vice chairman of the bank’s holding company, BSJ Bancshares, Inc. Rebecca Vizard has been elected chairman of the holding company and Ben Watson will serve as its president. “With more than 24 years in banking and 14 of those years at Cross Keys, Shane understands the needs of our personal and business customers," said Mr. Vizard. "He cares deeply about our bank and is actively involved in supporting our communities.”
First Southwest Bank has established the First Southwest Community Fund, a new initiative to support community-based projects by leveraging public and private funding. The fund will help create jobs, encourage development of vital infrastructure and provide new educational opportunities for at-risk populations in distressed areas. The fund seeks economic development projects such as health and childcare facilities, housing developments, grocery stores, healthy food programs, high-speed internet access, libraries, levies and more. "Initially, the First Southwest Community Fund will focus on small businesses and vital community infrastructure as well as financially empowering individuals located within the 11 Southwestern Colorado counties we currently serve," said First Southwest Bank CEO Kent Curtis.
The CFPB is now accepting applications for membership on its Consumer Advisory Board and two other advisory groups, the Community Bank Advisory Council and the Credit Union Advisory Council. The purpose of these groups is to inform the CFPB of the needs of small financial institutions and to provide the bureau with information about emerging trends and practices in the consumer financial products and services industries. CDFI bank leaders and other experts in the fields of consumer protection, community development, consumer finance, fair lending and civil rights are encouraged to apply. The deadline for applications to the council is Feb. 29 at 12:00 AM.
Beneficial State Bank and Pan American Bank have announced an acquisition agreement under which Beneficial State will acquire all outstanding shares of Pan American Bank. The transaction, which is subject to regulatory approval and approval by shareholders of Pan American and Beneficial State, is expected to close mid-2016. The combined entity will operate as Beneficial State Bank. Pan American’s current Chief Executive Officer Robert Hughes will serve as President of the consumer lending unit. The combined entity will have assets of $580 million and deposits of $465 million, comprising 12-branches across California, Oregon and Washington. “Today, our customers are one big step closer to changing the banking system for good,” said Beneficial State Co-Founders Kat Taylor and Tom Steyer.
Students at two elementary schools in Hanover Park, Ill. have received free financial literacy education through the First Eagle Bank Financial Scholars Program. First Eagle Bank provides the online financial literacy program at no cost to the schools. In the 2015 fall semester alone, the program reached more than 40 students. First Eagle Bank has partnered with leading education technology company EverFi, Inc., to bring the interactive, web-based financial management program to over 750 students since the program’s inception in 2013. “First Eagle Bank is very proud of the number of students we have reached with critical financial education, as it is just one of the many indicators of our commitment to the Hanover Park community,” said First Eagle Bank senior vice president Christine Freund.
At a time when many Native Americans struggle to secure mortgages from mainstream institutions, Oklahoma City-based Bank2 is fighting for greater financial inclusion. According to 2014 Home Mortgage Disclosure Act data, Bank2 made $38 million in home loans to Native Americans in 2014. That ranks it among the top 20 in mortgages to Native Americans in the country. Bank2 has the highest volume of mortgages to Native Americans of any Native-owned financial institution by a significant margin. More than half of its total mortgages (220 out of 426) were to Native Americans. Native communities face significant problems accessing the mortgage market. For instance, while Anchorage, AK has the highest proportion of Native Americans of any U.S. city at 12.4 percent, only 4.8 percent of mortgages went to Native Americans.
The CDFI Fund has opened the FY 2016 application period for the CDFI Bond Guarantee Program. Up to $750 million in bond guarantee authority will be made available to eligible CDFIs in FY 2016. Through the CDFI Bond Guarantee Program, selected CDFIs or their designees issue bonds that are guaranteed by the Federal government and use the bond proceeds to extend capital for community development financing and investments. Authorized uses of the loans financed through bond proceeds include a variety of financial activities targeted at revitalizing low income communities. The deadline for Qualified Issuer Applications is March 4, 2016. The deadline for Guarantee Applications is March 18, 2016.