Arlington, VA - (September 17, 2020) National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives, their members, and socially responsible organizations nationwide, was recently awarded the top level Bank Enterprise Award (BEA) from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The award recognizes financial institutions commitment to serving low income communities.
The award requires financial institutions to demonstrate support to community and economic development activities in census tract areas where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is at least 1.5 times the national average.
“We are honored to once again receive this recognition from the CDFI Fund”, stated Charles E. Snyder, Chief Executive Officer of NCB. “NCB’s mission is to support and be an advocate for America’s Cooperatives and their members, especially in low-income communities. The funds we receive from the Bank Enterprise Award will allow us to work with CDFIs who are promoting cooperative expansion in communities of color.”
About the BEA Program
The Bank Enterprise Award Program (BEA Program) rewards FDIC-insured depository institutions for making investments in certified CDFIs as well as in the most distressed communities in the country. In order to receive an award, these banks and thrifts must demonstrate an increase in their investments with at least 30% of their residents having incomes less than the national poverty level and 1.5 times the unemployment rate. The BEA awards help offset some of the risk associated with investing in these distressed communities and provide an incentive to invest.