Clifton Forge’s historic Masonic Theatre is entering a new chapter of its long history thanks to financing from Virginia Community Capital. Until its temporary closure in 1987, the Masonic Theatre was the oldest operating theater in Virginia. Designed in turn of the century beaux-arts style, the theater once played host to acts including Gene Autrey, Burl Ives, and the Count Basie Orchestra. Now, in time for its 111th year, the three-story theatre will be refurbished into a new performing arts, entertainment, education and community facility. Virginia Community Capital has provided significant financing with a historic tax credit bridge loan, in addition to support from community partners and contributions from local residents.

An analysis by the New York Federal Reserve finds that low-income neighborhoods are increasingly devolving into “banking deserts” with inadequate financial services. The researchers found that people in low-income tracts are 80 percent more likely to live in a banking desert than their counterparts in higher income tracts. From 2009 to 2014, the fraction of residents living in low-income tracts that are also banking deserts increased by about 0.2 percentage points, more than twice the rate for residents in higher income tracts. However, the analysis also found that residents of majority-minority tracts were actually less likely to live in a banking desert than their counterparts in non-minority tracts, reflecting the fact that majority-minority tracts are more likely located in urban areas where thick branch networks are sustainable.

As part of the 27th Annual Savannah Black Heritage Festival, the directors and staff of Carver State Bank led a group of community leaders, bank customers and other supporters to the monument honoring the bank’s founder, Louis B. Toomer. Toomer was one of Savannah’s prominent business and civic leaders, and was appointed by President Eisenhower to serve as Register of the U.S. Treasury from 1953-1956. In his remarks, Carver President Robert E. James said that one of the great tests of pioneering leaders is that the causes and institutions they champion continue long after the individuals are no longer with us. James honored Louis B. Toomer for championing the causes of economic independence, self-help, political inclusion and respect for African Americans.

Industrial Bank is responding to changing demographics and customer needs by transitioning from a culture emphasizing its friendly, family-owned roots to more businesslike service efficiency. Key to the shift have been the efforts of Vice President and Director of Human Resources Lynne Rowe, who has worked to adjust staff expectations about what constitutes good service and high performance. Measuring efficiency and expediting transactions is becoming as important as friendly, flexible service, Rowe says. During the culture conversion, Rowe spent considerable time engaging her coworkers in redefining Industrial Bank’s mission to emphasize adaptable service efficiency for a diverse clientele. “Each day brings new challenges, and you don’t know what exciting thing is going to greet you,” said Rowe.