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NCB Commits $1.5 Billion in Mission Banking Funds to Low- and Moderate-Income Community Development Programs


Washington, DC (May 9, 2007)
— NCB today announced that it will commit $1.5 billion to its Mission Banking Initiative by 2009.

In the past three years NCB has provided more than $1 billion through its Mission Banking Initiative, designed to stimulate the growth of community-based and cooperative enterprises that will benefit low- and moderate-income communities nationwide.

“NCB is not your typical bank. It is mission-critical to help communities in need thrive, whether they are large or small, urban or rural. Through Mission Banking, we create innovative opportunities that promote economic development in communities nationwide — opportunities to foster homeownership, affordable health care and quality education,” said Charles E. Snyder, President and CEO of NCB. “In 2006 alone, we were able to provide $470 million in assistance to underserved communities. The steady growth of our efforts and long-term financial projection through 2009 demonstrate our firm commitment to strengthening America’s communities.”

According to a recently released report by the Bank, NCB’s dedication to economic development since 2004 has meant that more than 286,000 patients have been served in new or expanded health centers, more than 14,800 students have received a quality education in financed facilities and about 5,000 affordable housing units have been created. In addition, the report details NCB’s ongoing work with small businesses, commercial real estate and employee stock option plans, all targeted to benefit low- and moderate-income communities, including Alaska Native and Tribal entities. Other programs supported by Mission Banking focus on working closely with the natural food industry and community-based organizations across the country.          

NCB’s long-term commitment to Mission Banking is supported by two new leadership positions created to guide and expand the program. A seasoned NCB banker tapped to join the initiative, Ann Fedorchak, managing director of Mission Banking, is providing overall coordination, oversight and strategic planning for mission-related business activities across the NCB Financial Group. In addition to NCB, the Group includes NCB, FSB (a wholly owned subsidiary of NCB), as well as NCB Capital Impact, an affiliated non-profit corporation.

Also selected from the NCB professional ranks was Richard Dines, the new vice president of Mission Banking, who is leveraging his 20 years of cooperative business experience to strengthen and expand the co-op sector for NCB. Dines continues to lead Food Co-op 500, a program designed to increase the number of retail grocery cooperatives from 300 today to 500 in 10 years. He is also exploring ways to harness the power of group buying through the formation of purchasing cooperatives in new sectors beyond the reach of NCB’s traditional industries such as grocery, hardware and franchises.

Created by Congress nearly 30 years ago to address the financial needs of an underserved market, particularly low- to moderate-income communities nationwide, NCB has provided a total of $3 billion in support of that mission. To download a copy of the 2006 NCB Mission Banking report, visit www.ncb.coop, or request a hard copy at marcom@ncb.coop.

 

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, NCB also has offices in Alaska, California, Virginia and New York. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.