National Cooperative Bank Commits $379 Million to Initiatives Serving Low to Moderate Income Communities in 2013
Arlington, VA (February 12, 2014) — National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives nationwide, committed $379 million to initiatives serving low and moderate income communities during 2013. The resources were deployed in the following impact sectors:
Housing$258.7 million for housing cooperatives, mortgages and share loans and affordable housing initiatives nationwide.
$37.3 million to support independent business owners.
Health Care$14.5 million to preserve and expand affordable healthcare.
Community Development & Expansion
$43.1 million to finance community organizations focused on economic development.
$8 million to support small businesses including our participation in the SBA loan program.
Investments & Grants
$1.8 million to support entities serving low to moderate income communities
$15.6 to fund solar energy system serving low to moderate income communities.
“In 2013, we set new records in lending activity to low and moderate income communities are proud to have expanded our new cooperative development by $17 million, a 64 percent increase from the previous year,” said Charles E. Snyder, President and CEO of National Cooperative Bank. “As a mission focused institution, we have an uncommon mandate to ensure our efforts benefit those most in need, and we’re committed to dedicating even more resources to these communities and cooperative expansion initiatives in the coming year.”
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.