Washington, DC (February 3, 2011) —Today, NCB Financial Group, consisting of National Consumer Cooperative Bank, NCB,FSB and NCB Capital Impact, reported more than $374 million was deployed in 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.
- Housing: $141.4 million for housing cooperatives and affordable housing initiatives nationwide.
- Health Care: $99.6 million to preserve and expand affordable healthcare and behavioral care for low-income families through community-based health centers.
- Education: $67.6 million for charter school facilities.
- Small Business: $8 million to support small businesses including our participation in the SBA loan program.
- Business Cooperatives: $15 million to support independent business owners.
- Community Organizations & Nonprofits: $40.3 million to finance community organizations focused on economic development.
- Investments & Grants: $2.1 million to support entities serving low to moderate income communities.
“Due to the tougher economic climate and limited financial support many underserved communities and cooperative development programs are facing challenges,” said Charles E. Snyder, President & CEO of National Consumer Cooperative Bank. “We are proud of our continued support of these initiatives, allocating over $374 million to low- and moderate-income communities in 2010 alone. The Bank continues its pledge by 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.
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.