Recent News
Beneficial State Bank has launched a new impact website to spread the word about the positive effect they’re having on their communities. The bank unveiled the new site at the same time as it appointed its first Chief Impact Officer, Erin Kilmer Neel, who will lead the bank’s impact department. The impact department fosters a beneficial ecosystem that includes collaborating with other banks, engaging with community members, informing and assisting businesses, and cultivating a new sustainable economy. “The launch of the Impact Website collects in one location reporting on... Read more
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... Read more
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... Read more
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.
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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... Read more
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... Read more
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... Read more
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... Read more
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... Read more
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.... Read more
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... Read more
Millennials have become heavy users of alternative financial services, primarily payday lenders and pawn shops. A joint study from PwC and George Washington University found that 28 percent of college-educated millennials (ages 23-35) have tapped short-term financing from pawn shops and payday lenders in the last five years. Many of these borrowers resort to alternative lenders even though they have other options to access cash; 35 percent are credit card users and 39 percent have bank accounts. The study paints a bleak... Read more
The 2016 National Interagency Community Reinvestment Conference hosted by the federal banking regulatory agencies, the Federal Reserve Bank of San Francisco and the CDFI Fund will be held in Los Angeles from February 8 to 10. This biennial conference will feature discussions regarding innovations in community development policies and practice, CRA examination training and community development tours of Los Angeles. The conference agenda includes keynote presentations by Comptroller of the Currency Thomas J. Curry, FDIC Chairman Martin J. Gruenberg, Acting Assistant Secretary for Financial... Read more
CDFI banks--including Southern Bancorp, Spring Bank and Sunrise Banks--are innovating with new payroll lending programs. These small-dollar loan programs provide credit as a workplace benefit akin to health insurance. The programs serve as low-cost alternatives to payday loans, but they could also give small banks a chance to compete in the market for online consumer loans. Spring Bank began offering the loans last summer at two nonprofits in the Bronx. "It's good for the employer, it's good for the employee, and it's good for us because... Read more
The Chronicle of Philanthropy included Dominik Mjartan, CEO of Southern Bancorp Community Partners and a member of CDBA’s Board of Directors in its inaugural 40 Under 40 List. The list includes young philanthropic leaders, economic developers, social advocates and visionaries who are crafting innovative new approaches to entrenched problems. Mjartan stressed the importance of an evidence-based approach to supporting development in the Mississippi Delta. "We’ve seen a lot of community-level progress," says Mr. Mjartan. "But then the question came, ‘Are we making sure that... Read more
Bank of Montgomery has been rebranded BOM, reflecting the bank’s recent expansion beyond its original community of Montgomery, Louisiana. The bank now has grown to include nine branches in five parishes. A major component of the expansion was the acquisition of Bank of Ringgold by BOM’s parent company, Grant Bancshares Inc. That transaction expanded the bank's footprint with three additional locations in Bienville and Bossier, La. “The BOM name shows how the bank has entered a new chapter in terms of service area and financial strength,” said BOM President and CEO Ken Hale... Read more
City First Bank of D.C.'s New Markets Credit Fund is helping finance several new projects in D.C. and beyond. Among the newly announced projects was the $10 million expansion of Achievement Preparatory Academy's Washington, D.C. campus. The school will build a new 45,000 square foot addition to its existing campus in a community where there are no other quality public education options. Achievement Prep schools have been recognized for their immediate impact in closing the achievement gap between low-income and affluent students in Washington, DC. The expansion will create... Read more
Virginia's William Byrd affordable senior housing complex is ready for a makeover thanks to financing from Virginia Community Capital, the Virginia Housing Development Authority and the city of Richmond Housing Trust Fund. All residents of the complex must be at least 55 years old and meet low-income requirements. The property will have each of its units renovated and add new accommodations for residents with disabilities. The building, which was constructed as a hotel in 1925, is on the National Register of Historic Places and was renovated into low-income senior housing... Read more
The Delta Regional Authority, the White House Rural Council and the U.S. Department of Agriculture are hosting a Regional Opportunity Investment conference in Memphis, Tennessee on January 11-12, 2016. The DRA, a longtime a supporter of Delta region CDFIs, encourages any interested CDFI bank representatives to attend. The event gathers top leaders from the delta business community, representatives of financial institutions, senior government officials, rural economic development experts and others from across the Mississippi Delta region and nation. Key topics of discussion will include... Read more
First SouthWest Bank is building a new headquarters in Durango, Colo. The 9,500 square foot headquarters will include a First SouthWest branch on the first floor, bank offices on the second floor and apartment space on the third floor. The new building will be built adjacent to a newly built local sporting goods store, Second Avenue Sports -- all in an effort to catalyze the city's plan for revitalizing the College Drive corridor. "This project is near and dear to our hearts in terms of a good example of urban infill and how we redevelop our downtown community," said... Read more