News

BusinessDen | Thursday, February 8, 2018

Native American Bank, based in Denver, CO, is preparing to open its second retail branch. President and CEO Tom Ogaard explained that the Denver operations have grown and the bank wants to become more visible by opening a retail branch. It currently only has one in Montana. "We've been wanting for some time to create a different presence than we have in Denver," he said. The bank, which has just under $100 million in assets, has a core mission of supporting economic growth in Native communities.

PRNewswire | Thursday, February 8, 2018

During this year's Black History Month, OneUnited Bank has presented the #MakeBlackHistory Plan for 30 million Black Americans to use the internet to organize their $1.2 trillion in annual spending power to build wealth and protect the Black Community. OneUnited President and COO Teri WIlliams explained, "We are at a unique point in history when the internet allows us to organize our money at a scale and speed never seen before. Hands down, this is the best time to build generational, personal, and community wealth by using technology and expanding financial literacy."

NextCity | Thursday, February 8, 2018

Around 250 bank mergers and acquisitions take place every year. The merger between Portland-based Albina Community Bank and Oakland-based Beneficial State Bank took several years to finalize, and culminated in last week's signage and branding changes at Albina's five former branches in Portland. Both banks are Certified B Corporations whose bylaws commit them to voluntary annual external reporting on a wide range of social impact metrics. Beneficial State Bank's unusual ownership structure and powerful track record helped convince Albina's former board of directors that the merger was an ideal way to preserve their bank's mission and legacy while satisfying their regulatory requirements and keeping their five branches open.

Congressional Research Service | Thursday, February 8, 2018

Last week, the Congressional Research Service provided Congress with a new report on CDFI programs and policy issues. The report discusses the CDFI Fund's history, current appropriations, and each of its programs. It includes a description of the Fund's eligibility criteria for the different programs, and also engages in an analysis of previous reports and studies on the CDFI Fund Programs, including CMF and the NMTC. Finally, it reviews four policy considerations of congressional interest regarding the Fund and the effective use of federal resources to promote economic development.

The New York Times | Thursday, February 8, 2018

The Tax Cuts and Jobs Act, passed last month, amounts to a vast cutback in the construction of low-income housing. Because the tax rate for corporations has been lowered, the value of the credits is also lower. "It's the greatest shock to the affordable-housing system since the Great Recession," said Michael Novogradic, managing partner of Novogradic & Company, a national accounting firm based in San Francisco. According to an analysis by his firm, the new tax law will reduce the growth of subsidized affordable housing by 235,000 units over the next decade, compounding an existing shortage.

Capnexus | Thursday, February 8, 2018

Capnexus, the online database by Partners for the Common Good for matching capital to community development finance opportunities, will host a webinar on March 8 on how to use the New Markets Tax Credit (NMTC) Program for innovative financing. The webinar will feature NMTC experts that will discuss case studies and best practices from various perspectives. The webinar will also discuss best methods that Consultants can use to attract CDEs and Investors to the projects they are marketing. In addition, there will a case study that speaks to developers on risk mitigation of project management with the development of the project.

Ashley News Observer | Tuesday, January 23, 2018

Earlier this month, Commercial Capital Bank announced its intention to purchase First State Bank of Crossett, which has approximately $35.7 million in assets and two locations in Crossett, Arkansas. First State Bank has a business footprint in Louisiana's northeastern parishes. The banks expect the transition to close in the second quarter of 2018. "We are excited to combine with such a strong partner as First State Bank," said Commercial Capital President and CEO Shannon Lockard.

Crain's New York | Tuesday, January 23, 2018

Darrin Williams, CEO of Southern Bancorp in Arkadelphia, AR, has written an op-ed on the financial benefits of helping small lenders to serve borrowers in bank deserts. "The Mississippi Delta may seem to be the farthest place in the world from New York City's financial heart. But, in fact, there is an opportunity to connect rural America with Wall Street and benefit both places," he writes. "A major opportunity exists to serve these communities, and Wall Street firms do not need a bank branch of their own to reap the reward."

American Banker | Tuesday, January 23, 2018

This article from the American Banker features efforts by M&F Bank in Durham to reach more millennial customers. The bank recently formed a millennial advisory board to help improve its technology and marketing efforts. The $268 million-asset black-owned bank will soon debut a checking account designed for younger customers. It is also set to host parties in two cities to celebrate its new checking account. The events will feature food trucks and a DJ. "I've never had a DJ at an account opening," said F&M's President and CEO James Sills. "We're thinking differently."

The Pueblo Chieftain | Tuesday, January 23, 2018

In the wake of recently passed federal tax cuts and reforms, First Southwest Bank in Alamosa, CO has become the latest US employer to announce a raise in starting pay, at $14 an hour with full benefits. "We're excited to take advantage of the tax reform and give the positive impact it has on First Southwest Bank right back to our team members and the rural Colorado community," said First Southwest CEO Kent Curtis. "By being able to provide a higher living wage to our starting employees, and invest in our team, we can be a catalyst for economic growth, and reaffirm our commitment to a better quality of life in all of the rural Colorado communities our branches serve."

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