ARLINGTON, VA — NCB, FSB, (NCB) a federally insured savings bank and a leading lender to cooperative housing throughout the United States reported strong lending activity in 2010 for these properties nationwide. During the past year, the Bank arranged over $151.4 million in new residential loans for 850 cooperative unit owners and over $570 million in building financing for 190 cooperative housing communities.
"While 2010 was a quiet lending year for many banks, we are pleased to report such strong financing activity at NCB. Most importantly, we are proud to remain a dependable source of funding for our key markets - housing cooperatives and their members," said Steven Brookner, President and CEO of NCB,FSB. "As we look ahead to 2011, we remain focused on doing even more to support cooperative boards and their members, through new products and services. It's these efforts, along with our expertise in arranging creative financing for this sector that continues to make us a leading resource for individuals and communities across the country."
Residential Loan Highlights:
During 2010, NCB's residential loan activity remained strong despite the credit environment. On the East coast, the New York City-based lending team originated $43.4 million for 159 cooperative unit owners. In California, loan officers originated $64.3 million focusing on cooperative customers in Walnut Creek, San Francisco, Los Angeles and Laguna Woods. The Washington, D.C, Illinois and Washington state cooperative markets also remained strong with over $33.3 million in new originations.
Cooperative Building Loans Highlights:
During 2010 lending to cooperative housing communities was also vibrant, with $570 million in financing provided to 190 buildings, primarily in New York, which boasts the largest concentration of cooperatives in the country.
The bank attributes its continued success in both the individual and building financing sectors to its market expertise, competitive financing and ability to provide quick turnaround on loan approvals.
About NCB:
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 at 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.
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.