Arlington, VA (February 23, 2012) — NCB, FSB, (NCB) a federally insured savings bank and a leading lender to cooperative housing throughout the United States reported strong lending activity in 2011. During this time, the Bank arranged over $186 million in new residential loans for 823 cooperative unit owners and over $654 million in building financing for 223 housing cooperative communities nationwide.
“NCB is proud to be a regular and valuable financial resource to cooperatives, our core market, making us the Bank of choice for so many housing cooperatives and their members to address their funding needs,” said, Steven Brookner, President & CEO of NCB, FSB. “Our role in this community makes us proud to be a strong supporter of the United Nations 2012 International Year of the Cooperative initiative to educate the public on the benefits of cooperative communities and businesses.”
Residential Loan Highlights:
Over the past year, NCB’s residential lending activity remained robust with the New York City-based lending team originating $63 million for 147 co-op unit owners along the East coast. In California, NCB loan officers arranged $84 million for cooperative customers in Walnut Creek, San Francisco and Los Angeles. The Washington, DC, Illinois and Washington state cooperative markets also remained strong with over $31 million in new originations.
Cooperative Building Loans Highlights:
During the past year, financing activity for cooperative housing communities continued to soar, with the Bank arranging $635 million in new loans for 233 buildings, mostly in the New York area. This region is home to the largest concentration of cooperative housing in the country, and a very active market for NCB, which experienced a solid increase from the previous year.
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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.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations.
The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.
NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.
This news release contains certain “forward-looking statements”. Examples of forward-looking statements include, but are not limited to, estimates with respect to NCB’s financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates and most other statements that are not historical in nature. These factors include, but are not limited to, general and local economic conditions, changes in interest rates, debt covenants and compliance projections, other-than-temporary impairment evaluations, deposit flows, demand for mortgage, commercial and other loans, real estate values, performance of collateral underlying certain securities, competition, changes in accounting principles, policies, or guidelines, changes in legislation or regulation, and other economic, competitive, governmental, regulatory, and technological factors affecting NCB’s operations, pricing products and services.