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Initiatives and Programs » Emergency Economic Stabilization Act » Community Development Capital Initiative

Community Development Capital Initiative

Cheap Loans for Community Development Banks

84

recipients

$782.7M

promised

$570.1M

actually invested, loaned, or spent

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A program under the Emergency Economic Stabilization Act More info from www.treasury.gov
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The program was designed to provide cheap financing to Community Development Financial Institutions (CDFI): banks, thrifts or credit unions that operate in markets underserved by traditional financial institutions. The idea was that the banks would then lend that money to small businesses in their areas.

Funds were doled out according to the size of the banks (up to five percent of risk-weighted assets) and paid relatively low dividend rates (two percent per annum).

The CDFIs had to apply for the funds, and regulators were supposed to ensure that they were healthy enough to use the money for lending -- as opposed to hoarding it.

The program details were announced in February, 2010.

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The following list shows the 84 recipients of Community Development Capital Initiative.

Name State Date Entered Amount Committed by CDCI Amount Returned to CDCI
BancPlus Corporation Miss. Feb. 20, 2009 $80,914,000
Carver Bancorp N.Y. Jan. 16, 2009 $18,980,000 $18,980,000
Citizens Bancshares Ga. Mar. 6, 2009 $11,841,000
Community Bank of the Bay Calif. Jan. 16, 2009 $4,060,000
First American International Corp N.Y. Mar. 13, 2009 $17,000,000
First Choice Bank Calif. Feb. 13, 2009 $5,146,000 $5,146,000
First M&F Corp Miss. Feb. 27, 2009 $30,000,000
IBW Financial Corporation D.C. Mar. 13, 2009 $6,000,000
Lafayette Bancorp Miss. Feb. 20, 2009 $4,551,000
Liberty Financial Services La. Feb. 6, 2009 $11,334,000
Mission Valley Bancorp Calif. Dec. 23, 2008 $10,336,000
PGB Holdings Ill. Feb. 6, 2009 $3,000,000
PSB Financial Corporation La. Feb. 27, 2009 $9,734,000
Security Federal Corp S.C. Dec. 19, 2008 $22,000,000
Southern Bancorp Ark. Jan. 16, 2009 $33,800,000
State Capital Corporation Miss. Feb. 13, 2009 $15,750,000
The First Bancshares Miss. Feb. 6, 2009 $17,123,000
United Bancorporation of Alabama, Inc. Ala. Dec. 23, 2008 $10,300,000
Workers United Federal Credit Union N.Y. Sep. 29, 2010 $57,000 $57,000
Tri-State Bank of Memphis Tenn. Apr. 3, 2009 $2,795,000
Premier Bancorp Ill. May 8, 2009 $6,784,000
IBC Bancorp, Inc. Ill. May 15, 2009 $8,086,000
First Vernon Bancshares Ala. Jun. 12, 2009 $6,245,000
University Financial Corp, Inc. Minn. Jun. 19, 2009 $22,115,000 $22,115,000
Security Capital Corporation Miss. Jun. 26, 2009 $17,910,000
M&F Bancorp N.C. Jun. 26, 2009 $11,735,000
Community Bancshares of Mississippi, Inc. Miss. Sep. 11, 2009 $54,600,000
First Eagle Bancshares, Inc. Ill. Sep. 11, 2009 $7,875,000
Guaranty Capital Corporation Miss. Sep. 25, 2009 $14,000,000
Alternatives Federal Credit Union N.Y. Sep. 24, 2010 $2,234,000
American Bancorp of Illinois, Inc. Ill. Sep. 17, 2010 $5,457,000
Kilmichael Bancorp, Inc. Miss. Sep. 3, 2010 $3,154,000
CFBanc Corporation D.C. Sep. 17, 2010 $5,781,000
Hope Federal Credit Union Miss. Sep. 17, 2010 $4,520,000
Genesee Co-op Federal Credit Union N.Y. Sep. 17, 2010 $300,000
Bainbridge Bancshares, Inc. Ga. Sep. 24, 2010 $3,372,000
Virginia Community Capital, Inc. Va. Sep. 24, 2010 $1,915,000
Lower East Side People's Federal Credit Union N.Y. Sep. 24, 2010 $898,000
Atlantic City Federal Credit Union Wyo. Sep. 24, 2010 $2,500,000
Neighborhood Trust Federal Credit Union N.Y. Sep. 24, 2010 $283,000
Gateway Community Federal Credit Union Mont. Sep. 24, 2010 $1,657,000
Union Baptist Church Federal Credit Union Ind. Sep. 24, 2010 $10,000
Buffalo Cooperative Federal Credit Union N.Y. Sep. 24, 2010 $145,000
Tulane-Loyola Federal Credit Union La. Sep. 24, 2010 $424,000
Liberty County Teachers Federal Credit Union Texas Sep. 24, 2010 $435,000
UNO Federal Credit Union La. Sep. 24, 2010 $743,000
Butte Federal Credit Union Calif. Sep. 24, 2010 $1,000,000
Thurston Union of Low-Income People (TULIP) Cooperative Credit Union Wash. Sep. 24, 2010 $75,000
Phenix Pride Federal Credit Union Ala. Sep. 24, 2010 $153,000
Pyramid Federal Credit Union Ariz. Sep. 24, 2010 $2,500,000
Cooperative Center Federal Credit Union Calif. Sep. 24, 2010 $2,799,000
Prince Kuhio Federal Credit Union Hawaii Sep. 24, 2010 $273,000
Community First Guam Federal Credit Union Guam Sep. 24, 2010 $2,650,000
Brewery Credit Union Wis. Sep. 24, 2010 $1,096,000 $1,096,000
Tongass Federal Credit Union Alaska Sep. 24, 2010 $1,600,000
Santa Cruz Community Credit Union Calif. Sep. 24, 2010 $2,828,000
Northeast Community Federal Credit Union Calif. Sep. 24, 2010 $350,000
Fairfax County Federal Credit Union Va. Sep. 24, 2010 $8,044,000
BankAsiana N.J. Sep. 29, 2010 $5,250,000
The Magnolia State Corporation Miss. Sep. 29, 2010 $7,922,000
Bancorp of Okolona, Inc. Miss. Sep. 29, 2010 $3,297,000 $3,297,000
Southern Chautauqua Federal Credit Union N.Y. Sep. 29, 2010 $1,709,000
Fidelis Federal Credit Union N.Y. Sep. 29, 2010 $14,000
Bethex Federal Credit Union N.Y. Sep. 29, 2010 $502,000
Shreveport Federal Credit Union La. Sep. 29, 2010 $2,646,000
Carter Federal Credit Union La. Sep. 29, 2010 $6,300,000
North Side Community Federal Credit Union Ill. Sep. 29, 2010 $325,000
East End Baptist Tabernacle Federal Credit Union Conn. Sep. 29, 2010 $7,000
Community Plus Federal Credit Union Ill. Sep. 29, 2010 $450,000
Border Federal Credit Union Texas Sep. 29, 2010 $3,260,000
Opportunities Credit Union Vt. Sep. 29, 2010 $1,091,000
First Legacy Community Credit Union N.C. Sep. 29, 2010 $1,000,000
Union Settlement Federal Credit Union N.Y. Sep. 29, 2010 $295,000
Southside Credit Union Texas Sep. 29, 2010 $1,100,000
D.C. Federal Credit Union D.C. Sep. 29, 2010 $1,522,000
Faith Based Federal Credit Union Calif. Sep. 29, 2010 $30,000
Greater Kinston Credit Union N.C. Sep. 29, 2010 $350,000 $350,000
Hill District Federal Credit Union Pa. Sep. 29, 2010 $100,000
Freedom First Federal Credit Union Va. Sep. 29, 2010 $9,278,000
Episcopal Community Federal Credit Union Calif. Sep. 29, 2010 $100,000
Vigo County Federal Credit Union Ind. Sep. 29, 2010 $1,229,000
Renaissance Community Development Credit Union N.J. Sep. 29, 2010 $31,000
Independent Employers Group Federal Credit Union Hawaii Sep. 29, 2010 $698,000
Brooklyn Cooperative Federal Credit Union N.Y. Sep. 30, 2010 $300,000