Urban Partnership Bank, a CDBA member and CDFI Bank is tackling Chicago's epidemic of violence by investing in local communities using their innovative commercial lending, small business and affordable housing products. And for the first time in 6 years, they are making a profit doing so.
Mission Valley Bancorp reported record high net earnings of $3.478 million for the year ended Dec. 31, 2016, up 11 percent from the previous year. President & CEO Tamara Gurney of Mission Valley Bancorp, a CDBA member, stated "2016 was a very good year for Mission Valley and as we enter into 2017, our balance sheet is well positioned to benefit from a higher interest rate environment. We have a sound, diversified balance sheet, a solid capital base to carry us forward and a tremendous team dedicated to our success and to the success of our clients and shareholders. Mission Valley Bancorp is well positioned to maintain our course of steady and controlled growth throughout 2017 and beyond."
Supporters of the Community Development Financial Institutions Fund, are weighing the potential for budget cuts against the administration's interest in creating jobs and helping low-income communities. “Obviously there’s a concern about the future support” for the fund, said Jeannine Jacokes, executive director of the Community Development Bankers Association. Jacokes said she hopes that Treasury Secretary-designate Steven Mnuchin will realize that he “already has some proven and highly effective tools right under his nose at the CDFI Fund.”
Research regularly suggests that large numbers of investors are interested in the idea that their money could be put to use so that it has a positive impact on society and the world, as well as earning them a financial return. Barclays Bank research suggests 54 per cent of investors in the UK feel this way, while a separate Morgan Stanley study puts the figure at 71 per cent; amongst the millennial generation meanwhile, the latter research put interest levels at 84 per cent.
In honor of Black History Month, the executives of Carver Bancorp, parent company of Carver Federal Savings Bank, will ring The Nasdaq Stock Closing Bell today at4:00 pm Eastern. "As the first African-American managed bank to be listed on The Nasdaq Stock Market, it is befitting for Carver to ring the Closing Bell on the first Monday of Black History Month," remarked Carver's President and CEO Michael T. Pugh.
The CDFI Fund recently released a Data Review to accompany the Access to Capital and Credit in Native Communities report that discusses challenges and opportunities for Native consumers, Native business owners, and tribal communities and governments in accessing financial services. This data has been historically challenging to collect, and this report & data review are indicative of the CDFI Fund's commitment to holistic financial inclusion nationwide.
United Bank of Alabama has maintained its 5-Star Superior rating from Bauer Financial, which recognizes a bank's financial strength and performance based on their profitability, capital, level of delinquent loans, among other factors.
Virginia Community Capital strives to continually bring new and innovative opportunities to the Virginia residents. They have recently announced the creation of a Small Business Solar Loans program that will provide business financing for solar power assets with an initial rate of 2 percent, which is far below traditional interest rates for installing solar equipment. This program demonstrates VCC's commitment to the triple bottom line adhered to by many community development banks, balancing environmental sustainability, financial inclusion, and a profit motive.
Neighborhood Bancorp, parent of Neighborhood National Bank, recently announced that they successfully completed their recapitalizing. The oversubscribed offering raised $6.4 million and exceed the company's expectations.
Seaway Bank & Trust Company, the largest black-owned bank in Chicago, was closed on January 30th by the FDIC and taken over by the State Bank of Texas, the largest Indian-American-owned and operated bank. All 10 Seaway branches are expected to remain open and will continue operating under the Seaway brand.