Albina Community Bank has been selected to receive a CDFI Fund Bank Enterprise Award of $675,000 for their 2007 community development work.
The bank's award is for its support of Portland's local businesses through small business loans, home improvement loans and commercial real estate loans to underserved areas of the city.
Albina is the only commercial bank in the Pacific Northwest certified as a Community Development Financial Institution by the U.S. Treasury Department.
"As a bank that was founded to create hope and financial opportunity, Albina is proud of the jobs and business growth we've helped inspire in Portland's underserved neighborhoods," said Cheryl L. Cebula, Albina president and chief operating officer. "We're honored to be recognized for our community development activities with this award." Over the past several years, Albina has been a strong competitor for these awards, with previous BEA Awards totaling more than $4.2 million for the bank's dedication to supporting community and economic development initiatives.
Through the award program, the CDFI Fund supports financial institutions for increasing the investment they make in community development activities.
"The BEA Program recognizes the key role played by depository institutions in community development lending and investing," said Director Donna J. Gambrell of the U.S. Department of the Treasury's CDFI Fund. "We're proud to recognize Albina Community Bank and their community development activities in distressed communities."
In this fiscal year 2008 round of the BEA Program, the U.S Department of the Treasury's
Community Development Financial Institutions awarded $20.1 million for 52 depository institutions serving economically distressed communities across the nation.
Albina Community Bank is a full-service independent commercial bank that provides a full range of banking products and services, while also maintaining the bank's mission to promote jobs, growth of small businesses, and wealth in our local Portland eighborhoods.
Albina Community Bank opened in December 1995 as the first subsidiary of Albina Community Bancorp. One of just 57 commercial banks across the country certified by the U.S. Treasury Department as a community development financial institution, Albina is the only CDFI in the Pacific Northwest.