Washington, DC (August 25, 2010) —Today, NCB Financial Group, consisting of National Consumer Cooperative Bank, NCB,FSB and NCB Capital Impact, reported nearly $163 million was deployed in the first six months of 2010 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. The funding provided to organizations and individuals in each of the sectors listed below have performed well and with low delinquencies.
- Housing: $45.9 million for housing cooperatives and affordable housing initiatives nationwide.
- Health Care: $86.5 million to preserve and expand affordable healthcare and behavioral care for low-income families through community-based health centers.
- Education: $11.1 million for charter school facilities.
- Small Business: $1.0 million to support small farms and small businesses.
- Business Cooperatives: $2.4 million to support independent business owners
- Community Organizations & Nonprofits: $15 million to finance community organizations focused on economic development.
- Investments & Grants: $839 thousand to support entities serving low to moderate income communities.
“Despite the challenging economic environment, NCB remains committed to providing funding to underserved communities and cooperative expansion initiatives throughout the country,” said Charles E. Snyder, President & CEO of National Consumer Cooperative Bank. “Of the $163 million, nearly 100 percent served low- to moderate-income communities, and we are proud of our ongoing ability to allocate funds to neighborhoods and organizations that need it the most. The Bank remains in a strong position to continue providing non-traditional funding and technical assistance programs through NCB Capital Impact, as well as conventional financing through NCB, FSB.”
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.