Washington, DC (January 27, 2010) — NCB, FSB, a federally chartered savings bank reported strong lending activity in 2009 for housing cooperatives nationwide. During the past year, the Bank arranged over $255.7 million in new residential loans for 1,205 cooperative unit owners and $358 million in building financing for 186 housing cooperative communities.
“At NCB, we are committed to being a consistent, reliable source of funding to our core markets, especially cooperative housing. We are extremely pleased to report financing remained strong in 2009 despite the overall credit market,” said Steven Brookner, President and CEO of NCB, FSB. “As we look ahead to 2010, we remain focused on doing even more. We have a unique understanding of the needs of housing cooperatives and will continue to be the leading source of financing for individuals and communities across the country.”
Residential Loan Highlights:
During 2009, NCB, FSB’s residential loan activity increased by 38 percent, in comparison to the previous year. On the East coast, the New York City-based lending team originated $83 million for 253 co-op unit owners. In California, loan officers originated $95.4 million focusing on cooperative customers in Walnut Creek, San Francisco, Los Angeles and Laguna Woods. The Washington, DC, Illinois and Washington state cooperative markets also remained strong with over $35.3 million in new originations.
The Bank attributes part of its success to its popular VIP Customer Retention program, assisting existing bank customers who have adjustable rate mortgages. Through the VIP program qualified borrowers, with a minimal fee and reduced paperwork, are allowed to update their existing loans and extend their ARM interest rates for another term. During the past year, 148 customers took advantage of this program.
Cooperative Building Loans Highlights:
During 2009, lending to cooperative housing communities was also strong, with $358 million in financing provided to nearly 200 buildings. In New York alone, one of the country’s most populated cooperative markets, loan officers arranged $341.7 million, nearly matching their lending activity in 2008. NCB, FSB attributes its continued success to its market expertise, competitive financing and ability to provide quick turnaround on loan approvals.
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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.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.