WASHINGTON, DC - Today, NCB consisting of National Consumer Cooperative Bank, NCB,FSB and NCB Capital Impact, reported that $490 million was committed and deployed to low and moderate income communities during 2011. The capital infusion provided to these communities through direct lending, investments, the facilitation of creative transactions and new national initiatives in the following impact sectors.
• Housing: $201.3 million for housing cooperatives, mortgages and share loans and affordable housing initiatives nationwide.
• Education: $144.6 million for charter school facilities.
• Health Care: $97.8 million to preserve and expand affordable healthcare and behavioral care for low-income families through community-based health centers.
• Community Organizations & Economic Development: $28.3 million to finance community organizations focused on economic development.
• Business Cooperatives: $9.1 million to support independent business owners.
• Small Business: $5.5 million to support small businesses including our participation in the SBA loan program.
• Expansion & Development:: $3.8 million for cooperative expansion and development initiatives.
• Investments & Grants: $3.0 million to support entities serving low to moderate income communities.
• Renewable Energy: $1.3 million to fund solar energy system serving low to moderate income communities.
“We are proud to report that 2011 was a successful year for NCB’s mission banking efforts. With new initiatives gaining national attention like California’s Freshworks Fund supported by First Lady Michelle Obama to promoting Green House and Villages to the Senate, we are proud to be making a difference in the communities that need us the most,” said Charles E. Snyder, President & CEO of NCB. He continued, “With 2012 declared the International Year of the Cooperative by the United Nations, we believe there will be even greater support for the programs we created and support. The Bank continues its pledge by providing non-traditional funding and technical assistance programs through NCB Capital Impact, as well as conventional financing through NCB, FSB."
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.
NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.
This news release contains certain “forward-looking statements”. Examples of forward-looking statements include, but are not limited to, estimates with respect to NCB’s financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates and most other statements that are not historical in nature. These factors include, but are not limited to, general and local economic conditions, changes in interest rates, debt covenants and compliance projections, other-than-temporary impairment evaluations, deposit flows, demand for mortgage, commercial and other loans, real estate values, performance of collateral underlying certain securities, competition, changes in accounting principles, policies, or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory, and technological factors affecting NCB’s operations, pricing products and services.