Washington, DC, (April 24, 2008) — NCB, a leading provider of cooperative financing nationwide, has arranged a $510,000 term loan for O’Hara True Value Home & Hardware (OHH), a new family-owned True Value hardware store in Darien, Illinois.
The store is the third for the O’Hara family, with the first opened in 1940 by founder Martin O’Hara. Currently the family has retail locations in Ottumwa and Albia, Iowa. The Darien store will be owned and operated by Marty O’Hara, the third generation and grandson of Martin O’Hara in the Chicago suburb.
“NCB was proud to arrange a loan for this third generation business owner, and help further the cooperative mission through Mr. O’Hara’s partnership with True Value Hardware,” said Charles E. Snyder, President and CEO of NCB. “Retailers like Mr. O’Hara are able to grow and thrive in spite of the ‘big box’ competition, and we are proud to be a part of their success by offering them financing specifically tailored to meet the needs of these independently owned businesses and help level the playing field in the marketplace.”
The store held its grand opening on April 4, 2008, where the O’Hara family was joined by Congresswoman Judy Biggert, Darien Mayor Kathleen Weaver, as well as other community leaders. The new, 12,000-plus square-foot store is located in the high-traffic Brookhaven Plaza Shopping Center located at the intersection of Cass Avenue and 75th Street. The center is anchored by strong retailers, and the owners have made extensive improvements to the property with new façade, signage and parking area. The City of Darien has also initiated a plan to promote this intersection as its Downtown area, even further increasing the flow of customers to this retail mall.
“As the third store in the family business, and the first on my own, the launch of the Darien location was an exciting and equally challenging time,” stated Mr. O’Hara. “It was refreshing to work with NCB, as the Bank has extensive knowledge of the hardware industry and the type of financing retailers require, making the borrowing process fluid and the goal of opening this store now a reality.”
As one of the largest hardware cooperatives, True Value’s relationship with NCB is a natural one. The Bank has originated over $116.3 million in loans for 179 True Value members, as part of its ongoing commitment to providing financial services to cooperatives for almost 30 years. Its commitment to independent hardware, home center, and lumber retailers is becoming even more important in today’s marketplace, as these entrepreneurs look to grow their businesses in the midst of competition from the national chain stores.
“Banks that do not specialize in lending to independently-owned hardware and lumber businesses often have a difficult time understanding the purchasing cooperative industry and the nature of cooperatives,” added Mr. Snyder. “Fortunately for retailers like Mr. O’Hara, NCB does understand, and is able to work quickly and efficiently, whether they are located in an urban setting or in suburban neighborhood locations. What’s important to us is they’re cooperatively structured and committed to achieving success.”
As a full-service financial institution, NCB provides term loans, lines of credit and commercial mortgages. In addition, the Bank offers an array of business banking products via its secure, online cash management platform, including Real Time Deposit, NCB’s remote deposit capture product allowing businesses to efficiently deposit checks via remote scanning services operated at the businesses' location. The Bank is also a member of CDARS network, providing customers with a single source for FDIC insurance on CDs up to $50 million.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.
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