Arlington, VA (January 30, 2013) — National Cooperative Bank (NCB), a bank committed to serving cooperatives nationwide, reported record-setting real estate lending during 2012, arranging $1.25 billion in real estate financing nationwide. The Bank arranged more than $962 million in financing for housing communities, and over $289 million in new loans for 1,341 individual unit owners, across the country.
“We are proud to report that 2012 was a banner year for the Bank, and we were able to provide assistance in the billions of dollars to housing communities and their residents,” said Charles E. Snyder, President and CEO of NCB. “It’s especially fitting that we were able to accomplish this during the United Nations 2012 International Year of the Cooperative, and further the mission of this initiative by securing the vitality of these communities. We look forward to continuing these efforts in the coming year drawing on our decades of experience working with member-owned organizations to find practical financing solutions.”
Cooperative Building Loan Highlights for New York:
Of the $962 million in cooperative building financing arranged in 2012, $872 million of these loans were arranged for properties in the New York metropolitan area, which boasts the largest number of cooperative housing communities in the country. This region is a key market for the Bank, which captures the majority of the market share as the leading lender.
Residential Loan Highlights:
Over the past year, NCB’s residential lending team surpassed predictions arranging $289 million, with the West Coast lending team arranging 609 loans totaling $118.9 million; the New York office securing $94 million in financing for 248-unit owners; and the Washington, DC Metro area team originating 200 loans tallying $38 million. The New York office also arranged four loans totaling $3.3 million for its new Superintendent Program, which allows cooperatives and condominiums to secure financing for the properties’ superintendent residence.
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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, 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.