News
David Reiling, social entrepreneur and CEO of St. Paul based Sunrise Banks was recently named as one of the Trust Across America-Trust Around the World Top Thought Leaders for 2016. The awards program celebrates professionals who are transforming the way organizations do business. This is Reiling’s third consecutive year being named to the list. “[This year's honorees] inspire organizations to look more closely at their higher purpose...to create greater value for, and trust from all of their stakeholders, and understand trust is a ‘hard currency’ with real returns,” said Trust Across America-Trust Around the World CEO, Barbara Kimmel.
Boston, Mass.-based OneUnited Bank and the African American Film Critics Association are hosting their second annual “Money On My Mind: The Film & TV Industry” event. The event is part of an effort to reach out to Hollywood’s’ black community and encourage long-term wealth building by examining the multitude of opportunities behind the camera and behind the scenes in the entertainment industry. The event will feature discussions by some of Hollywood’s most powerful black TV and Film players. “OneUnited Bank is honored to partner with AAFCA on this annual event to expand awareness of opportunities to make money in the entertainment industry,” states Teri Williams, President & COO. “We are always looking for creative ways to promote financial literacy.”
Seaway Bank & Trust has filed a lawsuit against Urban Partnership Bank alleging wrongdoing over a mortgage portfolio of more than 1,500 home mortgages with a face value of $154 million. The dispute started late last year when Urban Partnership sold more than 1,500 mortgages originated by its predecessor, ShoreBank, to Seaway. The deal unraveled and Seaway now claims Urban Partnership won’t return a security deposit of several million dollars. At issue was how quickly Urban Partnership wanted Seaway to assume the loans. Seaway said that its bid specified a 120-day period before it could assume the mortgages. But Seaway was informed it needed to take over the loans in 15 days. According to the complaint, the marketing firm in charge of the deal then transferred the security deposit to Urban Partnership without telling Seaway.
The CDFI Fund is tentatively planning to release the Notice of Funds Availability (NOFA) and applications for the FY 2016 CDFI Program FA and TA and Native American CDFI Assistance Program (NACA Program) in mid- to late February 2016. The CDFI Fund also announced it will conduct application workshops across the country to help applicants better understand the programs and the application process. Workshops are tentatively scheduled for Feb. 24, 2016 in Minneapolis, Minn. at the Federal Reserve Bank of Minneapolis; March 8, 2016 in Washington, D.C. at the CDFI Fund’s headquarters; and March 21, 2016 in Atlanta, Ga. at the Federal Reserve Bank of Atlanta.
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 our lending, the outcomes of that lending, our corporate practices, and our commitments toward a New Economy,” said Kat Taylor, Beneficial State Bank Co-CEO and Co-founder. “We are honored to help bank customers co-create that New Economy as best we can.”
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.