On January 1, 2002, NCB merges its real estate activities into NCB, FSB. The move enables NCB to decrease its reliance on capital markets funding by utilizing NCB, FSB's deposit base and Federal Home Loan Bank membership. The result for customers is access to more competitively priced real estate products.
In May, NCB launches a revamped website (ncb.coop) taking advantage of the newest sponsored top level domain – .coop – available only to cooperatives and cooperative service organizations.
NCB places a $40 million credit-tenant lease transaction for an Alaska Native Corporation through a private placement partnership.
The Bank experiences a 56 percent increase in the number of consumers accessing cooperative apartment share loan financing. Originations grow to $172 million with a strong demand in New York, Chicago, Washington, DC and California.
NCB expands its deposit product offering, introducing online cash management services that are immediately tapped by NCB's commercial customer base.
The Bank expands the deposit base by 66 percent from the previous year to $369 million, enhancing the diversification of funding sources and lowering capital costs for customers.
NCB reports $17.5 million – a record year – in earnings for 2002 despite sluggish economy.