News
City First Bank has partnered with SOLE Financial to offer a payroll card program to its business clients who employ unbanked workers. This program will reduce the burden that paper payroll checks place on the unbanked. Their clients will save significant revenue at the company level as well as save on check cashing fees at the individual employee level by transitioning from paper checks to the SOLE Paycard. Charlene Davis, VP Branch Relationship Manager at City First, said, "This partnership supports our mission to continuously provide services to low- and moderate-income communities."
The First, A National Banking Association has acquired First Community Bank, a CDFI based in Chatom, AL. First Community serves Washington, Mobile, and Baldwin counties in southwest Alabama. The transaction will significantly increase the combined banks' market share in the Mobile area.
This report, from the National Federation of Community Development Credit Unions, provides new insight into how and why immigrants that have entered the financial mainstream engage with their financial institution. The study analyzes product utilization, survey and interview data from a sample of immigrant members at seven credit unions around the United States.
City First Foundation and City First Bank of DC is hosting their fourth annual Community Development Finance Conference on October 17 in Washington, DC. The day-long Conference will convene key community development stakeholders to build integrated solutions toward community prosperity for low to moderate-income communities. Topics of discussion will range from effective public, private, nonprofit, and philanthropic partnership development to attracting investors to the impact economy.
The National Council on Agricultural Life & Labor Research Fund (NCALL Loan Fund) is seeking an experienced Accounting Associate and an experienced Loan Officer. The Accounting Associate will lead the preparation of financial statements and other financial reports, create quarterly compliance reports and to assist with the preparation of various funding applications. The Loan Officer will oversee business development and the origination of community development loans in Delaware and throughout the Delmarva Peninsula. The NCALL Loan Fund is an IRS-designated 501(c)(3) nonprofit organization based in Dover, DE and has served the Delmarva Peninsula since 1976. Applications are open until October 13th.
After acquiring a 90% share of Albina Community Bank in 2013, the holding company of Beneficial State Bank will purchase the remaining 10% of Albina’s stock in Q1 of 2018. The full merger will create a powerful organization that combines and amplifies the impact of Albina’s proven community banking model with Beneficial State’s mission to transform the banking industry for good by creating equitable access to financial services.
Richland State Bank in Rayville, LA has earned its 73rd consecutive 5-star rating from BauerFinancial, with a special designation as a Sustained Superiority Bank in recognition of its long-term excellence. This designation is reserved for the banks that have maintained Bauer’s highest rating longer than 90% of the industry. “By earning Bauer’s highest 5-star rating, Richland State Bank proves to its customers and the community that it is committed to their needs and to financial discipline,” said Karen Dorway, president of BauerFinancial.
FNBC Bank has won the American Bankers Association’s Bank Marketing Video Awards for Best in Asset Category: Under $500 Million with its 30-second video “FNBC + Boyd Jackson = Better Together.” FNBC was one of four winners from the various asset categories, chosen out of over 300 entries from banks of all sizes across the nation. The awards were announced after more than 6,000 votes and the careful consideration of 77 judges.
The wealth gap between whites and blacks in America is massive and persistent, but the nation’s black-owned banking sector has been shrinking faster than the rest of the banking industry. The connection between these two trends is the subject of a new book by University of Georgia law professor Mehrsa Baradaran: “The Color of Money: Black Banks and the Racial Wealth Gap.” Baradaran argues that the sector can never eradicate black poverty without more structural support. “To be a black-owned bank, 51% of your capital has to be from black investors. And that really restrain them, because they can’t raise capital in the typical ways,” said Baradaran in an interview with American Banker. “So maybe give them more flexibility in that.”
The CDFI Fund has released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through FY 2015. For the first time, the Summary Report categorizes all investments with the North American Industry Classification System, which reveals that over 68% of NMTC investments made through 2015 have been concentrated in single / mixed-use real estate, healthcare and social services, manufacturing, and education.