Arlington, VA (October 18, 2023) — National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible organizations nationwide, recently closed a $2.5 million subordinated debt loan to Encurage Financial Network Credit Union (EFNCU).
ENFCU is a low-income designated credit union, headquartered in Chicago, Illinois and currently serves over 13,500 members in the Chicagoland area.
The subordinated debt provided by NCB will be used to enhance the website, mobile app, and online member enrollment platform along with an investment in a new suite of business products to expand the credit union membership.
“NCB is proud to work with EFNCU to provide the capital needed to enhance their members’ experience and expand their product offerings for business growth,” stated Benjamin Rempe, Senior Vice President.
“We couldn’t be more thankful for NCB’s partnership throughout the process," says Michael T. Abraham, President & CEO. Abraham continues, “This investment will allow us to support our recent growth by making critical investments in infrastructure to improve and expand service delivery to our members in the channel that they prefer. The future is encuraging, indeed!”