News
Several groups across the country are identifying special niches in which to operate de novo banks. Before the financial crisis, many de novos were built to grow and eventually sell. Now, that model is changing towards permanence. Becoming well known in a niche could be a way for new banks to add value and stand out in a competitive market. In this effort, these groups are striving to create banks for niche communities such as veterans and minorities.
Interested in learning about the inner workings of the CDFI Fund? Watch the live broadcast of the CDFI Fund Advisory Board Meeting from 9:00 AM – 2:00 PM on Thursday, August 23rd. Broadcast can be found at this link.
It is Metro Bank's mission to stimulate economic growth within the distressed neighborhoods of Louisville, KY. For the past 21 years, the Bank has fulfilled this commitment by performing over 60% of its activity in these distressed neighborhoods. Now, to further show its drive for positive impact, Metro Bank is expanding its target market to include additional low-income communities and other underserved populations in all of Jefferson County.
The basic business of banking is balancing risk and reward. But in this new climate, what must a traditional bank do to expand its client base and retain strong employees? Well, perhaps banks can gain an upper hand on both fronts by finding ways to do good while also profiting. In this article, Andrew Waxman suggests banks identify underbanked sectors and provide innovative financial tools that can enable profitable capital development. Secondly, banks should empower employees to work on tools that will provide them a "human" as well as "financial" return.
Cities with soaring housing costs have had some success in lowering rents, but that relief has not reached the low-income renters most at risk of losing their housing. Nationally, the pace of rent increases is slowing, with the average rent in at least six cities falling since last summer. However, the decline is primarily in high-end rentals, not for the apartments and other units that house working-class residents who need it most.
Dominik Mjartan, the new president and CEO of South Carolina Community Bank, hopes technological innovations can jolt the struggling bank back to profitability. By digitizing loan files via Sageworks and securing fintech partners to offer more technological solutions for customers, Mjartan hopes to transform the bank for modern needs.
Peoples Financial Corporation, parent of The Peoples Bank, announces the completion of its 110,000 common share repurchase program authorized by its board in December of 2017. The board believes this is an efficient use of capital and monitors prevailing market conditions in consideration of future share repurchase programs. As of June 30, 2018, the company reported 5,037,719 common shares outstanding.
Starting a small business, becoming an entrepreneur, and taking charge of one's own economic destiny are part of the American dream. However, small businesses and entrepreneurs regularly encounter hurdles accessing the necessary capital to move forward. Watch a video recording of a live panel featuring Paul Greig, Mark Walsh, and former US Senator Olympia Snow as they discuss how to respond to this dilemma.
Security Federal Corporation, the holding company for Security Federal Bank, announces its earnings for the quarter. Notably, for the six months ending on June 30, 2018, net income increased by 14.3 percent to $3.6 million or $1.20 per share, compared to $3.1 million or $1.06 per share for the same period in 2017. The increase in earnings was primarily due to increases in net interest income and non-interest income combined with a decrease in the provision for income tax expense.
Wayne-Kent Bradshaw is the current chief executive of Broadway Federal Bank, the last African American bank headquartered in the Western United States. Bradshaw showed promise from an early age as a teenager in Kingston, Jamaica. After moving to the states, his love for film spurred his passion for mission driven banking. Bradshaw worked for various struggling financial institutions to flip them back on top, ultimately leading him to do the same for Broadway Federal.