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NCB, FSB Reports Strong Earnings and Loan Volume through September 30, 2010

Arlington, VA  (November 10, 2010) —Today, NCB,FSB, a federally chartered savings bank committed to serving cooperatives nationwide, reported year-to-date net income of $9 million through September 30, 2010 and strong loan volume to its core cooperative customers.   

As a result of the first nine months of the year’s activities, the Bank’s total risk based capital is  14.67%, solidly in excess of the 10.0% requirement for financial institutions to be considered well capitalized.  Cash and investments reached $239 million. 

 While credit markets remain flat, NCB, FSB experienced robust loan volume within its core cooperative customer base through the first nine months.  The Bank provided more than $369 million to housing cooperatives, to help finance major capital improvements and lower existing debt obligations on the properties.    In addition, NCB, FSB originated $109 million for 611 residential co-op unit owners nationwide. 

As part of the Bank’s commitment to meeting the needs of underserved communities, its mission banking volume, which includes direct lending, investments and the facilitation of creative transactions, reached $242 million for the period.   Capital provided supports retail small business cooperatives and its members as well as community health centers and charter schools. 

“NCB, FSB experienced tremendous financial results through the third quarter 2010 and is on track to continue this positive performance during the remainder of the year and beyond,” said Steven Brookner, President and CEO of NCB, FSB.  “The results speak to the Bank’s continued focus on its core customers—housing communities, business cooperatives and socially responsible organizations nationwide offering competitive banking products and services to meet their needs.” 
 

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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.  

The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB.  The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations. 

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities. 

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.