News
Liberty Bank and Trust Company and its parent bank holding company (Liberty Financial Services Inc.) and Louisville Development Bancorp Inc. (the holding company for Metro Bank Inc.) announced their agreement that Louisville Development Bancorp will be acquired by Liberty Bank and Trust Company in a share exchange transaction. The cash transaction is subject to Louisville Development Bancorp shareholder and regulatory approval and is expected to close during the first quarter of 2020. Liberty Bank and Trust Company operates 16 offices in eight states: Louisiana, Mississippi, Kansas, Missouri, Michigan, Alabama, Illinois and Texas. On. Sept. 30, Liberty had approximately $628 million in assets and $541 million in deposits. Metro Bank operates a single office in Louisville, Kentucky. On Sept. 30 Metro Bank had approximately $26 million in assets and $21 million in deposits.
The Federal Reserve Bank of St. Louis, in partnership with the Federal Reserve Banks of Atlanta, Minneapolis, Richmond, San Francisco, the Board of Governors, and the Community Development Financial Institution (CDFI) Fund will co-sponsor the CDFI Symposium on May 19-20, 2020 at the St. Louis Fed. This convening of researchers, industry leaders, policymakers and funders is designed to introduce and promote the awareness of current CDFI research across various disciplines (i.e. law, public policy, business, economics, etc.). The CDFI Fund invites the submission of papers, which are due Jan. 31, 2020.
Brinshore Development, LLC, and the Housing Authority of Kansas City, Missouri (HAKC), today announced the grand opening of Pendleton ArtsBlock -- a state-of-the-art, 38-unit, mixed-income development that features loft-style studio, one and two-bedroom units along with a roof deck, workshop, fitness room, secured car and bike parking and three micro-retail bays for Charlotte Street Foundation's StartUp Residency program. Designed by Dake Wells and DRAW architecture, Pendleton ArtsBlock compliments the historic Pendleton Heights by embracing Independence Avenue and framing Independence Plaza Park. The bold urban architecture layers traditional brick exterior with contemporary window design and styling. The development is environmentally-friendly and meets green design standards. US Bank was the equity investor and Central Bank of Kansas City (located across the street from the development) was the construction lender. 4Sight Construction served as the general contractor.
From former Comptroller of the Currency Gene Ludwig: financial institutions are eager to serve customers with middle-class incomes. But in other parts of the country — places where a greater proportion of local residents live below the poverty line — banks are few and far between. For much of the 20th century, policymakers struggled to identify effective ways to address this inequity. But 25 years ago, Washington took a key step in establishing a federal fund to support so-called Community Development Financial Institutions that serve communities traditional banks often leave behind. Now, CDFIs have a proven track record and hold perhaps even more promise to advance financial well-being in low- and moderate-income communities.
The West 30's Redemption Company was organized only three years ago, but it's already made a lasting impression on Covington. So when Bryan Burns, the group's founder, said a recent grant to the organization is the "single most impactful thing to ever happen to us," it's reason to take notice. The West 30's Redemption Company announced on Nov. 22 it received a $120,000 grant from The First, a National Banking Association, as well as the Federal Home Loan Bank of Dallas. The event was marked by a ceremonial ribbon cutting held Nov. 22 at the Northshore Community Foundation offices in downtown Covington. Burns has reason to highlight the significance of the grant. He said within the next 12-15 months, the money will make it possible for 12 lower-income families to make down payments on loans to purchase their first homes.
In the so-called 'new age' of banking, the shift in attention to tech-focused content is a clear indication that bankers are taking technology more seriously than they ever have. Count long-time Chief Executive Officer William A. “Bill” Ray in that number. “To keep up with technology in banking today, you have to expose yourself to what’s out there and study it because there is so much to choose from,” said Ray, who has served as the bank’s top officer since 1986. “Then, you have to invest in what you believe are the best technologies for your customers, employees and your systems. “We have made that a major initiative at BankPlus”.
On Wednesday, November 20th, the Clinton Foundation hosted the "Economic Inclusion and Growth: The Way Forward" conference at the Clinton Presidential Center in Little Rock, Arkansas to celebrate the 25th anniversary of the CDFI Fund and to honor the leaders of the CDFI industry. At the conference, Former President Bill Clinton recognized CDBA CEO Jeannine Jacokes by discussing her role as the leader of the trade association for CDFI banks, as well as a leader in the loan fund space as the CEO of Partners for the Common Good (PCG). Specifically, he lauded the recent work of CDBA and PCG on the Impact at Scale Initiative, the first industry training program focused on large-scale impact.
On Wednesday, November 20th, the Clinton Foundation hosted the "Economic Inclusion and Growth: The Way Forward" conference at the Clinton Presidential Center in Little Rock, Arkansas to celebrate the 25th anniversary of the CDFI Fund and to honor the leaders of the CDFI industry. At the conference, Former President Bill Clinton recognized CDBA CEO Jeannine Jacokes by discussing her role as the leader of the trade association for CDFI banks, as well as a leader in the loan fund space as the CEO of Partners for the Common Good (PCG). Specifically, he lauded the recent work of CDBA and PCG on the Impact at Scale Initiative, the first industry training program focused on large-scale impact.
The US Department of Treasury's Community Development Financial Institutions (CDFI) Fund today awarded $31.37 million to 43 community development banks and bank holding companies through its CDFI Program and Native American CDFI Assistance (NACA) Program Awards. With the awards, these banks will provide much-needed capital investments to small businesses and other critical community development projects such as affordable housing, neighborhood revitalization, and expansion into new geographic markets. The CDFI Program awards include Financial Assistance (FA), Technical Assistance (TA), Disability Funds, and the Healthy Food Financing Initiative.
The US Department of Treasury's Community Development Financial Institutions (CDFI) Fund today awarded $31.37 million to 43 community development banks and bank holding companies through its CDFI Program and Native American CDFI Assistance (NACA) Program Awards. With the awards, these banks will provide much-needed capital investments to small businesses and other critical community development projects such as affordable housing, neighborhood revitalization, and expansion into new geographic markets.