Community Development Financial Institutions Fund

ImpactAssets Surpasses $3B AUM, Building on Momentum Showcased in New 2023 Impact Report

Retrieved on: 
Tuesday, November 7, 2023
Finance, Public Relations, Investor Relations, Consulting, Communications, Professional Services, Philanthropy, Fund Raising, Foundation, Environmental protection, Traction, Climate, Community Development Financial Institutions Fund, Growth, Investment, Woman, Public sector, Community development, Bank, Renewable energy

Among the firm’s primary impact areas, ImpactAssets’ work on the climate emergency stands out: The firm has a portfolio of 282 companies and impact funds, and climbing -- targeting climate solutions, according to the report. The portfolio reflects ImpactAssets’ priority on changing the trajectory of our planet’s future while centering the communities most impacted by the changing climate. The report highlights the energy transition, deep decarbonization, nature-based solutions, and climate justice as the most critical focus areas for impact-minded climate investors.

Key Points: 
  • ImpactAssets , the impact investing trailblazer with a decade-plus track record of mobilizing capital for good, surpassed $3 billion in total assets under management this year, according to its newly-released 2023 Impact Report .
  • The new report presents those focus areas, which are all presently underfunded, with examples of the real-world impact the firm’s work has supported.
  • Among the firm’s primary impact areas, ImpactAssets’ work on the climate emergency stands out: The firm has a portfolio of 282 companies and impact funds, and climbing -- targeting climate solutions, according to the report.
  • “Our 2023 Impact Report showcases our work to channel impact-minded capital toward innovative climate solutions for low income and disadvantaged communities.

Bay Community Bancorp Earns $3.12 Million in Third Quarter 2023; Declares Quarterly Cash Dividend of $0.05 Per Share

Retrieved on: 
Tuesday, October 31, 2023
FDIC, Community development financial institution, Bank, SVP, Environmental protection, Share repurchase, Acquisition, United States Department of the Treasury, Community Development Financial Institutions Fund, Environment, Phase 10, Growth, Community Bank, NOW, Current Expected Credit Losses, Bay, CECL, Compact disc, Common equity, Federal, CDFI, BEA, San Francisco, ECIP, Failure, Holding company, Real estate, Video game, Rare-earth element, San Francisco Bay Area

The Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share.

Key Points: 
  • The Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share.
  • This marks the eleventh consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.
  • Earnings per common share was $0.36 in the third quarter of 2023, compared to $0.25 in the third quarter a year ago, and $0.21 in the preceding quarter.
  • Pre-tax, pre-provision, pre-CDFI grant income was $1.99 million in the third quarter of 2023, compared to $3.14 million in the year ago quarter, and $2.54 million in the second quarter of 2023.

Community Bank of the Bay Expands its Reach with New San Jose Branch After Nearly Three Decades in Business

Retrieved on: 
Monday, October 30, 2023
CBB, FDIC, Community development financial institution, Treasury, Community Development Financial Institutions Fund, Senior, Growth, Community Bank, Community engagement, Bauer Financial, CDFI, U.S. Department of Defense Strategy for Operating in Cyberspace, BEA, SAN, Cryptocurrency, Bank, San Francisco Bay Area

SAN JOSE, Calif., Oct. 30, 2023 (GLOBE NEWSWIRE) -- After nearly three decades of serving the community, Community Bank of the Bay (CBB) has opened a new branch in downtown San Jose.

Key Points: 
  • SAN JOSE, Calif., Oct. 30, 2023 (GLOBE NEWSWIRE) -- After nearly three decades of serving the community, Community Bank of the Bay (CBB) has opened a new branch in downtown San Jose.
  • "With a legacy spanning nearly three decades, CBB has remained dedicated to delivering banking solutions for businesses, with a special focus on underserved communities.
  • “I am excited to be part of establishing a full-service branch to serve the South Bay community that I call home.
  • After working in the banking industry in San Jose for 30 years, I am confident that CBB will be a catalyst for growth to South Bay businesses and nonprofits,” says Terrizzano.

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

Retrieved on: 
Friday, October 27, 2023
Sale, FRB, Bank, Federal Home Loan Banks, Microenterprise Education Initiative, OTCQX, Acquisition, Bank First, Sycamore Bank, Federal Reserve Bank of St. Louis, Equitable, Community Development Financial Institutions Fund, Federal Reserve Bank, Environment, Community development financial institution, Mechanics Bank, Community development, Risk, Mechanics, Tate, CDFI, Community Facilities Program, Total, Visa requirements for Turkish citizens, ERP, Video game, Cryptocurrency, Rare-earth element, Basel

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.

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

Retrieved on: 
Tuesday, October 17, 2023
Commercial Building & Real Estate, Construction & Property, REIT, Landscape, Interior Design, Philanthropy, Building Systems, Architecture, Foundation, Residential Building & Real Estate, Magnet, Housing, Freddie Mac, Multimedia, Fannie Mae, Community development, Organization, EAH Housing, Economic development, EAH, CMF, Housing and Economic Recovery Act of 2008, Community Development Financial Institutions Fund, Community development financial institution

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 .

ShoreBank Founders Receive Ned Gramlich Award for Their Lifetime Contributions to Responsible Finance

Retrieved on: 
Tuesday, October 17, 2023
Linda, ShoreBank, OFN, Death, Community, Community Reinvestment Act, CDFI, Federal Reserve Bank of St. Louis, Economic development, Legislation, Policy, Community Development Financial Institutions Fund, Federal Reserve, Conference, National bank, Cryptocurrency, Film industry, Management

WASHINGTON, Oct. 17, 2023 /PRNewswire/ -- Yesterday, Opportunity Finance Network (OFN) awarded the founders of ShoreBank — Mary Houghton, Ron Grzywinski, Jim Fletcher (posthumous), and Milton Davis (posthumous) — the 2023 Ned Gramlich Lifetime Achievement Award for Responsible Finance. Awarded annually by OFN, the nation's leading network of community development financial institutions (CDFIs), the Gramlich Award is the CDFI industry's highest individual honor.

Key Points: 
  • WASHINGTON, Oct. 17, 2023 /PRNewswire/ -- Yesterday, Opportunity Finance Network (OFN) awarded the founders of ShoreBank — Mary Houghton, Ron Grzywinski, Jim Fletcher (posthumous), and Milton Davis (posthumous) — the 2023 Ned Gramlich Lifetime Achievement Award for Responsible Finance.
  • Awarded annually by OFN, the nation's leading network of community development financial institutions (CDFIs), the Gramlich Award is the CDFI industry's highest individual honor.
  • The legacy of ShoreBank and its founders lives on through the many institutional, policy, and professional progeny they inspired and nurtured, and I am proud to honor them with the 2023 Ned Gramlich Award."
  • The award is named for Ned Gramlich, a staunch, longtime advocate for responsible finance.

United Bank Awarded $9 Million Capital Magnet Fund Award by US Department of Treasury

Retrieved on: 
Friday, October 13, 2023
Magnet, Senior, United Bank, Ahli United Bank, Community development, Organization, Treasury, Community Development Financial Institutions Fund, Rehabilitation, CMF, U.S. Department of the Treasury, Office of Inspector General, U.S. Department of Defense Strategy for Operating in Cyberspace, Face, Housing, Cryptocurrency

ATMORE, Ala., Oct. 13, 2023 /PRNewswire/ -- (OTCQX:UBAB) -United Bank announced today the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) has awarded it a $9 million Capital Magnet Fund award for 2023, the fourth such award received since 2017.

Key Points: 
  • ATMORE, Ala., Oct. 13, 2023 /PRNewswire/ -- (OTCQX:UBAB) -United Bank announced today the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) has awarded it a $9 million Capital Magnet Fund award for 2023, the fourth such award received since 2017.
  • The award reflects United Bank's commitment to bringing badly needed affordable housing to communities across Alabama, Florida, and surrounding states.
  • United Bank has been awarded a $9 million Capital Magnet Fund award by the US Department of Treasury for 2023.
  • The Capital Magnet Fund offers competitively awarded grants to CDFIs and nonprofit affordable housing organizations to finance affordable housing solutions and community revitalization efforts that benefit individuals and families with lower incomes and low-income communities nationwide.

U.S. Bank Receives $55 Million in New Markets Tax Credit Allocation

Retrieved on: 
Friday, September 29, 2023
Other Philanthropy, Other Retail, DEI (Diversity, Equity and Inclusion), Family, Supermarket, Socially Responsible Investing, Consumer, Personal Finance, Environmental, Social and Governance (ESG), Retail, Children, Finance, Banking, Asset Management, Professional Services, Philanthropy, Primary, Secondary, Fund Raising, Education, Foundation, Other Consumer, Partnership, U.S. Department of Defense Strategy for Operating in Cyberspace, Homelessness, CDE, Lakota Tech High School, European Communities (Finance) Act 2008, Community Development Financial Institutions Fund, Woman, NMTC, Person, Organization, Treasury, School, Tech High School, Pine Ridge, New Markets Tax Credit Program, Empowerment, Welding, Renewable energy, U.S. Bancorp

U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, and its community development entity (CDE) – USBCDE, LLC – received $55 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury.

Key Points: 
  • U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, and its community development entity (CDE) – USBCDE, LLC – received $55 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury.
  • The allocation is part of the federal government’s $5 billion NMTC program, which helps economically distressed communities attract private investment capital.
  • USBCDE, LLC has now been awarded more than $1 billion in total allocations, one of only three CDEs to do so.
  • It is one of 102 CDEs to receive a share of the NMTC allocation authority package announced by the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).

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
Clearing house, State, Food, Housing, U.S. Department of Defense Strategy for Operating in Cyberspace, Education, CDE, Community Development Financial Institutions Fund, Calendar, New Markets Tax Credit Program, Federal, Assistant, Community development financial institution, Organization, Financial institution, Treasury, Congress, Spokane Public Facilities District, Investment, CDFI, Economic development, Health, Renewable energy, NMTC

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.

Leading Impact Investor Advantage Capital Selected by the US Department of the Treasury to Participate in Federal New Markets Tax Credit Program

Retrieved on: 
Thursday, September 28, 2023
Professional Services, White House, Federal Government, Public Policy, Government, State, Local, Small Business, Socially Responsible Investing, Finance, Community Development Financial Institutions Fund, Organization, Financial institution, NMTC, Congress, Administered prices, New Markets Tax Credit Program, Capital, U.S. Department of Defense Strategy for Operating in Cyberspace, Investment, CDFI, Renewable energy

Advantage Capital, a leading impact investor, today announced a $40 million allocation award in the highly competitive federal New Markets Tax Credit (NMTC) program.

Key Points: 
  • Advantage Capital, a leading impact investor, today announced a $40 million allocation award in the highly competitive federal New Markets Tax Credit (NMTC) program.
  • Administered by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, the program seeks to attract private investment to bring development and economic growth to distressed communities.
  • Advantage Capital is one of 102 organizations, selected from a pool of 197 nationwide applicants, to receive an allocation.
  • “The New Markets Tax Credit Program supports Louisiana entrepreneurs and small businesses revitalizing communities throughout our state,” U.S.