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National Cooperative Bank Commits $250,000 to Food Co-op Initiative

 Bank Makes Announcement at CCMA Conference in Austin, Texas 

Arlington, VA (June 13, 2013) -- National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives nationwide, officially committed $250,000 to support the Food Co-op Initiative (FCI), a non-profit dedicated to creating new food cooperatives nationwide.  Charles E. Snyder, the Bank’s President & CEO announced its support of this important program during the Consumer Cooperative Management Association (CCMA) conference that just concluded this weekend in Austin, Texas. Mr. Snyder chose to make it public during the industry’s premier event, where hundreds of leading food co-op professionals and their national partners were in attendance. 

“We are pleased to provide vital funding for such an important program that is instrumental in creating food co-ops throughout the country, and benefiting members of the communities which they serve,” said Mr. Snyder. “The Bank has committed millions of dollars in financing to support the growth of food co-ops and we are proud to be a partner in the success and expansion of this sector, enabling these organizations to thrive and compete.” 

The funds from the $250,000 commitment will be allocated over a five year period, at $50,000 a year to support the Food Co-op Initiative. 

The Food Co-op Initiative is a non-profit organization which provides education and technical assistance to enable a faster and more efficient start-up process for new retail grocery cooperatives. FCI was developed initially as the Food Co-op 500 program with support from Cooperative Development Services, National Cooperative Bank, NCB Capital Impact, National Cooperative Grocers Association and Blooming Prairie Foundation. 

NCB has a strong food co-op financing program, which serves as a vital resource for the independent retailers and cooperative grocery community, providing over $33 million in new loans last year, and $20 million since the start of the year.  For more information on banking solutions for food cooperatives, please contact NCB’s Barry Silver at (703) 302-1955 or Mike Novak at (510) 496-2232.  

About NCB: 

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, National Cooperative Bank on Facebook, or on Twitter @coopbanking. 

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.