Washington, DC (April 30, 2009) — NCB originated over $200 million in loans for residential properties during 2008, surpassing all of the Bank’s predictions. During a time when many consumers struggled to find available credit, NCB continued to be an important source of real estate financing. Throughout the country, over 860 cooperative, condominium or single-family homeowners turned to NCB for mortgages and lines of credit during 2008.
“NCB’s ability to continue to provide financing last year, even in light of the tighter lending environment, was an important resource for consumers looking to purchase a home, pay for capital improvements or refinance existing debt,” said Chris Goettke. “The Bank’s commitment to providing creative lending solutions was born out of its mission, to provide financial assistance to the once less than familiar cooperative market. This unique expertise and experience laid the groundwork for NCB’s success today in offering innovative and tailored funding packages –when many other institutions can’t—to all types of housing across the country.”
From the East to West coasts, NCB loan officers worked hard throughout 2008 to arrange financing for their customers, and even in a difficult market originated nearly the same dollar volume as the year before. One particular highlight was the New York office’s residential real estate department, recording one of its best years, arranging nearly $90 million in loans. Homebuyers and owners continued to turn to NCB to meet a variety of needs from purchase money first mortgages to rate/term and cash-out refinances. The bank attributes a great deal of its lending success to its full suite of banking products and services, now even more accessible through its efficient online loan application capabilities.
First quarter 2009 results show a highly promising start to the year. Nationwide originations exceeded 154% of production volume over the same period last year, with $58 million and 270 transactions funded. Many of the Bank’s customers nationwide are taking advantage of the currently advantageous refinance market to lower monthly payments or move from adjustable rate loans to 30-year fixed rate loans.
NCB is a full-service financial institution providing term loans, lines of credit, mortgages, construction loans, lease financing and private placements to residential, commercial and small businesses across the country. The Bank is also a member of the CDARS network, providing customers with a single source for FDIC insurance on CDs up to $50 million.
The NCB family includes National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders. NCB, FSB is a wholly-owned subsidiary of NCB. Deposit products and services are provided by NCB, FSB, which is FDIC insured.
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.