Washington, DC (March 3, 2010) —Today, NCB Financial Group, consisting of National Consumer Cooperative Bank, NCB,FSB and NCB Capital Impact, reported $391 million was deployed during 2009 to support underserved communities and cooperative expansion initiatives. The capital was provided through direct lending, investments and the facilitation of creative transactions that directly support low- to moderate-income communities in the following impact sectors.
$118 million for housing cooperatives and affordable housing initiatives nationwide.
- Health Care
$84.5 million to preserve and expand affordable healthcare and behavioral care for low-income families through community-based health centers.
$73.4 million for charter school facilities.
- Small Business
$35 million to support small businesses through our participation in the SBA loan program.
- Business Cooperatives
$18.8 million to support independent business owners competing against national chains.
- Community Organizations & Nonprofits
$59.6 million to finance community organizations focused on social and cultural enrichment.
- Investments & Grants
$1.7 million to support entities serving low to moderate income communities.
“For over 30 years, the Bank has been an important source of financing for these impact sectors throughout the country. In today’s challenging economic environment we are even more committed to serving these groups. The loans we have provided in the sectors have performed strong with low delinquencies and we are well-positioned to continue providing traditional financing through NCB, FSB, as well as non-traditional funding and technical assistance programs through NCB Capital Impact.” said Charles E. Snyder, President and CEO of National Consumer Cooperative Bank.
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, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate. 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.
This news release contains certain “forward-looking statements”. Examples of forward-looking statements include, but are not limited to, estimates with respect to NCB’s financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates and most other statements that are not historical in nature. These factors include, but are not limited to, general and local economic conditions, changes in interest rates, debt covenants and compliance projections, other-than-temporary impairment evaluations, deposit flows, demand for mortgage, commercial and other loans, real estate values, performance of collateral underlying certain securities, competition, changes in accounting principles, policies, or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory, and technological factors affecting NCB’s operations, pricing products and services.