Community development financial institution

BANKFIRST CAPITAL CORPORATION Reports Third Quarter 2023 Earnings of $8.4 Million

Retrieved on: 
Friday, October 27, 2023

Net interest income increased 26% to $21.6 million in the third quarter of 2023 from $17.1 million in the third quarter of 2022.

Key Points: 
  • Net interest income increased 26% to $21.6 million in the third quarter of 2023 from $17.1 million in the third quarter of 2022.
  • Net interest income was $21.6 million for the third quarter of 2023, compared to $22.7 million for the second quarter of 2023, a decrease of 5%, and compared to $17.1 million for the third quarter of 2022, an increase of 26%.
  • Noninterest income was $10.1 million for the third quarter of 2023, compared to $6.1 million for the second quarter of 2023, an increase of 65%, and compared to $5.4 million for the third quarter of 2022, an increase of 87%.
  • Noninterest expense was $20.0 million for the third quarter of 2023, compared to $20.5 million for the second quarter of 2023 and $15.2 million for the third quarter of 2022, an decrease of 2.1% and an increase of 32.0%, respectively.

ONEUNITED BANK INTRODUCES WISEONE INSIGHTS, A REVOLUTIONARY AI-DRIVEN FINANCIAL WELLNESS COMPANION

Retrieved on: 
Thursday, October 26, 2023

BOSTON, Oct. 26, 2023 /PRNewswire/ -- OneUnited Bank, the nation's largest Black-owned bank, unveils WiseOne® Insights, a revolutionary financial wellness companion. This groundbreaking AI-driven tool is designed to guide, inform, and protect individuals by leveraging financial literacy. WiseOne Insights aims to improve financial wellness across the nation, while striving to close the racial wealth gap.

Key Points: 
  • BOSTON, Oct. 26, 2023 /PRNewswire/ -- OneUnited Bank, the nation's largest Black-owned bank, unveils WiseOne® Insights, a revolutionary financial wellness companion.
  • WiseOne Insights aims to improve financial wellness across the nation, while striving to close the racial wealth gap.
  • As a financial wellness companion, it literally allows individuals to make better financial decisions thus directly addressing the critical need for improved financial literacy in our society."
  • OneUnited Bank ( www.oneunited.com ) is the largest Black-owned bank in America, the first Black digital bank, a Minority Depository Institution, and a Community Development Financial Institution (CDFI).

Gesa Credit Union Forms Strategic Partnership with Nymbus to Launch New Digital Credit Union

Retrieved on: 
Thursday, October 19, 2023

NYMBUS® , a leading provider of cloud-based financial technology solutions, is thrilled to announce a strategic partnership with Gesa Credit Union .

Key Points: 
  • NYMBUS® , a leading provider of cloud-based financial technology solutions, is thrilled to announce a strategic partnership with Gesa Credit Union .
  • The alliance aims to extend the reach of the Washington-based credit union well beyond the confines of The Evergreen State.
  • (Graphic: Business Wire)
    "We are thrilled to partner with Gesa Credit Union in this new venture,” said Jeffery Kendall, Chairman and CEO of Nymbus.
  • “We are excited to partner with Nymbus to create a new digital credit union built from the ground up to be digital, mobile, and member-focused,” said Don Miller, President & CEO of Gesa Credit Union.

BayPort Credit Union Opens Fifth Virginia Beach Branch

Retrieved on: 
Wednesday, October 18, 2023

NEWPORT NEWS, Va., Oct. 18, 2023 /PRNewswire/ -- BayPort Credit Union has opened its fifth Virginia Beach branch to better serve its growing Southside membership.

Key Points: 
  • NEWPORT NEWS, Va., Oct. 18, 2023 /PRNewswire/ -- BayPort Credit Union has opened its fifth Virginia Beach branch to better serve its growing Southside membership.
  • BayPort celebrated the grand opening with an official ribbon-cutting ceremony with the Hampton Roads Chamber of Commerce and credit union leadership in attendance.
  • BayPort's commitment to Virginia Beach stands for over a decade, with their first branch opening in 2012.
  • BayPort's other Virginia Beach branch locations are as follows:
    BayPort is the region's only Community Development Financial Institution and a National Credit Union Administration (NCUA) Low-Income Designated Credit Union.

Capital Magnet Fund Awards $7.5 Million to EAH Housing to Advance Affordable Housing Initiatives

Retrieved on: 
Tuesday, October 17, 2023

The CMF is a vital program that supports affordable housing initiatives for low-, very low-, and extremely low-Income families.

Key Points: 
  • The CMF is a vital program that supports affordable housing initiatives for low-, very low-, and extremely low-Income families.
  • View the full release here: https://www.businesswire.com/news/home/20231017386818/en/
    "This grant from the Capital Magnet Fund is a tremendous boost to our mission of providing affordable housing for those who need it most,” said Laura Hall, CEO of EAH Housing.
  • This significant grant from the Capital Magnet Fund will enable EAH Housing to continue its mission of providing quality, affordable housing to individuals and families in need, and to play a crucial role in revitalizing communities across our region.
  • This grant reinforces our commitment to empowering individuals and revitalizing neighborhoods, one home at a time.”
    For more information about EAH Housing and its affordable housing initiatives, please visit www.eahhousing.org .

Enhanced Community Development Awarded $40 Million in New Markets Tax Credit Allocation from U.S. Treasury Department

Retrieved on: 
Tuesday, October 17, 2023

NEW YORK, Oct. 17, 2023 /PRNewswire/ -- Enhanced Community Development, a subsidiary of Enhanced Capital, announced that it has been awarded $40 million in New Markets Tax Credits (NMTC) allocation.

Key Points: 
  • NEW YORK, Oct. 17, 2023 /PRNewswire/ -- Enhanced Community Development, a subsidiary of Enhanced Capital, announced that it has been awarded $40 million in New Markets Tax Credits (NMTC) allocation.
  • This award marks the ninth time Enhanced Community Development has received a federal NMTC allocation, resulting in a cumulative total of $430 million in federal NMTC allocation since 2006.
  • The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced the allocation to Enhanced Capital as part of a $5 billion award to 102 Community Development Entities (CDEs) in the 2022 round of the NMTC Program.
  • "Enhanced Community Development's New Markets Tax Credit award amplifies our mission of stimulating jobs and growth in small businesses and providing community services in economically underserved urban and rural areas," highlighted Catherine Blume, Vice President at Enhanced Capital.

Full Skope Empowers CDFIs and Mission-Driven Lenders to Transform Lending Operations

Retrieved on: 
Tuesday, October 17, 2023

By working with Full Skope, Accessity has improved efficiency and scalability, minimized manual data entry and increased digital access for small business clients.

Key Points: 
  • By working with Full Skope, Accessity has improved efficiency and scalability, minimized manual data entry and increased digital access for small business clients.
  • Moreover, Full Skope's partnership with Habitat for Humanity Greater Des Moines is yet another testament to the platform's dedication to driving efficiencies in lending operations.
  • "We are honored to collaborate with leading mission-driven organizations like Accessity and Habitat for Humanity," said Doug Hogan, CEO of Full Skope.
  • As the partnership between Full Skope and mission-driven lenders strengthens, the future of financial inclusivity looks brighter than ever.

Climate United Submits Bid to Manage Part of EPA’s $14 billion National Clean Investment Fund

Retrieved on: 
Thursday, October 12, 2023

Climate United, a collaboration to accelerate an equitable clean energy transition, today announced the submission of its proposal to the U.S. Environmental Protection Agency’s National Clean Investment Fund award competition, part of the Greenhouse Gas Reduction Fund.

Key Points: 
  • Climate United, a collaboration to accelerate an equitable clean energy transition, today announced the submission of its proposal to the U.S. Environmental Protection Agency’s National Clean Investment Fund award competition, part of the Greenhouse Gas Reduction Fund.
  • “Our organizations have been investing at the intersection of climate and communities for decades—it’s what we do best,” said Beth Bafford, Vice President of Strategy at Calvert Impact and CEO of Climate United.
  • “This unique federal program represents a once-in-a-lifetime opportunity for all communities - but particularly those most impacted by climate change - to participate in the climate revolution and to show exactly how transformational low-carbon solutions can be.
  • The $14 billion National Clean Investment Fund (NCIF), a component of the Greenhouse Gas Reduction Fund (GGRF) passed by Congress in the Inflation Reduction Act (IRA), is being administered by the EPA, and is expected to make two to three awards in March.

Truist receives $65 million New Markets Tax Credit allocation to support communities across the U.S.

Retrieved on: 
Friday, October 13, 2023

As part of the program, Truist provides loans and investments with reduced interest rates and/or non-traditional terms and conditions to support community development projects.

Key Points: 
  • As part of the program, Truist provides loans and investments with reduced interest rates and/or non-traditional terms and conditions to support community development projects.
  • "Truist has been active in the NMTC Program for many years and we're proud to have been trusted with more than $750 million in allocation authority, to date," said Jamise Goodman, NMTC program director for Truist Community Development Enterprises.
  • Through its investments in community development projects, Truist Community Capital works to ensure access to services and amenities that directly benefit neighborhoods and residents.
  • "This new round of allocation will build on the impactful investments Truist is making to enhance neighborhoods, support residents and improve access to vital services."

Clearinghouse CDFI Secures $60 Million in New Market Tax Credits from the United States Department of Treasury--Will Create Jobs and Services in Distressed Communities

Retrieved on: 
Friday, September 29, 2023

LAKE FOREST, Calif., Sept. 29, 2023 /PRNewswire-PRWeb/ -- Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that it has been awarded a $60 million New Markets Tax Credit (NMTC) allocation from the United States Department of Treasury, CDFI Fund. Clearinghouse CDFI will use the tax credits to finance community investments in low-income and urban areas in Alaska, Arizona, California, Colorado, Hawaii, Idaho, Minnesota, Montana, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming.

Key Points: 
  • LAKE FOREST, Calif., Sept. 29, 2023 /PRNewswire-PRWeb/ -- Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that it has been awarded a $60 million New Markets Tax Credit (NMTC) allocation from the United States Department of Treasury, CDFI Fund.
  • "We are grateful to the CDFI Fund and Department of Treasury for this meaningful allocation which will create jobs and drive resources to many distressed communities," said Douglas J. Bystry, President and CEO of Clearinghouse CDFI.
  • "Tax credits are an important tool in community and economic development, making large projects with grand impact possible."
  • Since inception, Clearinghouse CDFI has deployed over $629 million of Federal and State NMTC allocation to 89 unique projects nationwide.