Arlington, VA (May 20, 2010) — NCB, FSB (NCB), a federally chartered savings bank dedicated to serving cooperatives, has partnered with the National Credit Union Federation (NCUF), to expand the award-winning Community Investment Fund (CIF). CIF was created as a unique way for the credit union community to donate funds to support the foundation’s philanthropic mission to expand the financial independence of consumers. By opening a CIF-deposit account at NCB, an organization can automatically donate part or all of the interest earned on the account to NCUF in support of its community grant programs.
Through the partnership, the credit union community has access to a wide range of competitively priced deposit accounts In addition, NCUF and NCB have created a simple and secure online fulfillment platform to ensure accounts can be opened quickly and the funds can be put to work in local communities immediately.
For NCB, the partnership with NCUF presents a great opportunity to complement its own mission banking efforts of supporting underserved communities and cooperative expansion initiatives, which in 2009 totaled more than $391 million committed to low- and moderate-income communities nationwide.
“As a Bank chartered to support cooperatives organizations, we are proud of our long history of service, and are pleased to partner with an organization that shares these principles,” said Charles E. Snyder, chairman of NCB, FSB. “The funds allocated to the NCUF programs through NCB's participation will have an even greater impact on local communities, as this initiative gets underway.”
Interest earned on the deposits are designated to support NCUF’s financial literacy, cooperative education and community development programs including REAL Solutions®, CU Development Education, Biz Kid$, Innovation Grants and CUAid. In addition, NCUF shares part of the donation with state credit union leagues and foundations to support their local grant programs. A participant can direct the contribution to any of five funds, including: the Development Education Fund, International Development Fund, African-American Credit Union Coalition and the Callahan Legacy Fund. For additional information on the programs and suite of deposit products and services offered, please visit www.cifwithncb.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, 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 federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate. 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.
NCUF is the philanthropic organization for America’s credit unions. Since 1980, NCUF has provided tens of millions of dollars worth of programs and grants supporting its mission to “promote and improve consumers’ financial independence through credit unions”. NCUF continues to earn the Better Business Bureau seal of approval as an “Accredited Charity” for meeting all 20 BBB Wise Giving Alliance Standards for national charities. To learn more, visit www.ncuf.coop