Arlington, VA (September 27, 2024) – National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible institutions nationwide is pleased to announce it recently closed a $3.25 million subordinated debt loan to support Innovations Financial Credit Union.
Innovations Financial Credit Union (“Innovations”), located in Panama City, FL was founded in 1952 and is a Low-Income Designated (LID) credit union and a Community Development Financial Institution (CDFI). The subordinated debt loan supports Innovations expansion with the recent acquisition of a community bank in Panama City.
Innovations worked with Olden Lane Securities LLC as advisor and placement agent, and Honigman LLP as legal counsel.
“As a low-income designated credit union and CDFII, Innovations brings critical financial services to communities that need them most.” said Olden Lane CEO Michael Macchiarola. “NCB showed up as a great friend to the credit union movement with this investment.”
“With a shared mission and vision of people helping people, NCB has been providing subordinated debt loans to low-income credit unions for the past nine years,” stated Bill Stewart, Senior Vice President, and Credit Union Market Leader for NCB. “We are very proud of our many partnerships within the credit union movement, and we strongly believe that these loans help bolster mission-oriented credit unions and their ability to create meaningful impact in the communities they serve.”
