Arlington, VA (June 16, 2011) — NCB, FSB (NCB), a federally chartered savings bank dedicated to serving cooperatives nationwide, is proud to announce its collaboration with the National Credit Union Foundation (NCUF), has reached more than $10 million in Community Investment Fund (CIF) deposits at the bank. Since launching the effort a year ago, the credit union community has been actively donating to this unique philanthropic program, which enables a customer to donate the interest earned on a deposit at NCB to the National Credit Union Foundation in support of its national and state community impact programs. To date, more than 60 credit unions from 21 states have participated in the unique deposit donation program with NCB. The recent commitment by Missoula Federal Credit Union in Missoula, Montana helped the Bank reach this important milestone.
“NCB is extremely pleased to offer “CIF with NCB” and support the many essential programs that benefit from the credit union community’s philanthropic efforts across the country,” said Charles Snyder, Chairman of NCB. “We knew we would reach this amount, and surpass it, but we never expected to do so in such a short period of time. We are really excited to be working on this program to support such an important cause.”
Launched in May 2010, the “CIF with NCB” initiative offers customers the option to allocate a portion or all of the interest earned on deposit accounts opened at the cooperative bank. These include a range of terms for Certificates of Deposit (CDs) and a liquid Money Market Deposit Account (MMDA) option. Unique to the NCB option is the ability for all types of organizations interested in supporting the good works of NCUF to contribute, not solely credit unions. Additionally, NCB designed a simple way to participate, as both donation designation form and deposit account application are able to be completed online at www.cifwithncb.coop.
“We’re grateful and pleased to see the number of first-time participants as well as those who’ve participated through the traditional corporate offering in the past choose to continue to support NCUF through our collaboration with NCB,” said Josie Collins, NCUF’s Resource Development & Donor Relations Director. “It is because of their generosity, that our national programs and critical grants are made possible as well as numerous state-level credit union initiatives.”
Added Mr. Snyder, “This represents the type of impact NCB as a cooperative bank seeks to achieve. To know that a simple banking product can translate into supporting philanthropic efforts that helps the credit union community address disasters, helps consumer members achieve financial literacy and sparks other community development innovations is significant. Our collaboration exemplifies the unique set of values we share as cooperatives. It is a chance to fulfill the principles of ‘cooperation among cooperatives’ and ‘concern for community.’”
For NCB, the collaboration with NCUF presented a great opportunity to expand upon its mission banking efforts to support underserved communities and cooperative development, which in the last year totaled more than $374 million of capital that directly benefited low- and moderate-income communities nationwide.
Interest from the deposit funds are designated to different NCUF’s financial literacy, cooperative education and community development programs including REAL Solutions®, CU Development Education, Biz Kid$, Financial Education Grants and CU Aid. In addition, NCUF shares part of the donation with state credit unions to support their local grant programs. A participant can choose from five funds to direct their contribution, including: the Development Education Fund, International Development Fund, African-American Credit Union Coalition and the Callahan Legacy Fund. For additional information on the programs and suite of deposit products and services offered, please visit www.cifwithncb.coop.
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.
NCUF is the philanthropic organization for America’s credit unions. Since 1980, NCUF has provided tens of millions of dollars worth of programs and grants supporting its mission to “promote and improve consumers’ financial independence through credit unions”. NCUF continues to earn the Better Business Bureau seal of approval as an “Accredited Charity” for meeting all 20 BBB Wise Giving Alliance Standards for national charities. Learn more about NCUF at www.ncuf.coop