Community Development Capital Initiative
Cheap Loans for Community Development Banks
85
Recipients
$570M
actually invested, loaned, or spent
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.
The following list shows the 85 recipients of Community Development Capital Initiative.
| Name | State | Date Entered | Disbursed by CDCI | Returned to CDCI |
|---|---|---|---|---|
| First Eagle Bancshares, Inc. | Ill. | Sep. 11, 2009 | $7,875,000 | $9,223,107 |
| Security Capital Corporation | Miss. | Jun. 26, 2009 | $17,910,000 | $19,794,559 |
| Fidelis Federal Credit Union | N.Y. | Sep. 29, 2010 | $14,000 | $15,412 |
| First M&F Corp | Miss. | Feb. 27, 2009 | $30,000,000 | $31,751,667 |
| M&F Bancorp | N.C. | Jun. 26, 2009 | $11,735,000 | $10,874,433 |
| Brewery Credit Union | Wis. | Sep. 24, 2010 | $1,096,000 | $1,137,465 |
| Pyramid Federal Credit Union | Ariz. | Sep. 24, 2010 | $2,500,000 | $2,716,972 |
| Premier Bancorp | Ill. | May 8, 2009 | $6,784,000 | $0 |
| Hill District Federal Credit Union | Pa. | Sep. 29, 2010 | $100,000 | $113,650 |
| The First Bancshares | Miss. | Feb. 6, 2009 | $17,123,000 | $18,043,496 |
| United Bancorporation of Alabama, Inc. | Ala. | Dec. 23, 2008 | $10,300,000 | $11,577,772 |
| First Legacy Community Credit Union | N.C. | Sep. 29, 2010 | $1,000,000 | $1,070,167 |
| BancPlus Corporation | Miss. | Feb. 20, 2009 | $80,914,000 | $85,045,109 |
| Bethex Federal Credit Union | N.Y. | Sep. 29, 2010 | $502,000 | $553,567 |
| Security Federal Corp | S.C. | Dec. 19, 2008 | $22,000,000 | $24,019,111 |
| Phenix Pride Federal Credit Union | Ala. | Sep. 24, 2010 | $153,000 | $161,151 |
| Community Bank of the Bay | Calif. | Jan. 16, 2009 | $4,060,000 | $4,690,203 |
| Hope Federal Credit Union | Miss. | Sep. 17, 2010 | $4,520,000 | $5,473,720 |
| Gateway Community Federal Credit Union | Mont. | Sep. 24, 2010 | $1,657,000 | $1,719,690 |
| Lafayette Bancorp | Miss. | Feb. 20, 2009 | $4,551,000 | $5,035,934 |
| Southside Credit Union | Texas | Sep. 29, 2010 | $1,100,000 | $1,167,894 |
| Tulane-Loyola Federal Credit Union | La. | Sep. 24, 2010 | $424,000 | $490,756 |
| Episcopal Community Federal Credit Union | Calif. | Sep. 29, 2010 | $100,000 | $115,067 |
| Community First Guam Federal Credit Union | Guam | Sep. 24, 2010 | $2,650,000 | $3,073,116 |
| State Capital Corp. | Miss. | Feb. 13, 2009 | $15,750,000 | $16,650,500 |
| Faith Based Federal Credit Union | Calif. | Sep. 29, 2010 | $30,000 | $32,934 |
| Border Federal Credit Union | Texas | Sep. 29, 2010 | $3,260,000 | $3,523,698 |
| IBW Financial Corporation | D.C. | Mar. 13, 2009 | $6,000,000 | $6,369,000 |
| Lower East Side People's Federal Credit Union / Union Settlement Federal Credit Union | N.Y. | Sep. 24, 2010 | $898,000 | $953,697 |
| Genesee Co-op Federal Credit Union | N.Y. | Sep. 17, 2010 | $300,000 | $316,667 |
| D.C. Federal Credit Union | D.C. | Sep. 29, 2010 | $1,522,000 | $1,332,035 |
| Southern Bancorp | Ark. | Jan. 16, 2009 | $33,800,000 | $35,702,189 |
| Community Bancshares Of Mississippi, Inc./Community Bank Of Mississippi | Miss. | Sep. 11, 2009 | $54,600,000 | $57,366,400 |
| Renaissance Community Development Credit Union | N.J. | Sep. 29, 2010 | $31,000 | $35,242 |
| BankAsiana | N.J. | Sep. 29, 2010 | $5,250,000 | $5,565,584 |
| Liberty Financial Services | La. | Feb. 6, 2009 | $11,334,000 | $12,005,854 |
| Workers United Federal Credit Union | N.Y. | Sep. 29, 2010 | $57,000 | $59,822 |
| Bancorp of Okolona, Inc. | Miss. | Sep. 29, 2010 | $3,297,000 | $3,547,977 |
| Kilmichael Bancorp, Inc. | Miss. | Sep. 3, 2010 | $3,154,000 | $3,756,680 |
| East End Baptist Tabernacle Federal Credit Union | Conn. | Sep. 29, 2010 | $7,000 | $8,120 |
| Brooklyn Cooperative Federal Credit Union | N.Y. | Sep. 30, 2010 | $300,000 | $317,450 |
| Prince Kuhio Federal Credit Union | Hawaii | Sep. 24, 2010 | $273,000 | $300,073 |
| Shreveport Federal Credit Union | La. | Sep. 29, 2010 | $2,646,000 | $2,764,776 |
| Greater Kinston Credit Union | N.C. | Sep. 29, 2010 | $350,000 | $360,714 |
| First American International Corp | N.Y. | Mar. 13, 2009 | $17,000,000 | $19,825,476 |
| Vigo County Federal Credit Union | Ind. | Sep. 29, 2010 | $1,229,000 | $1,324,323 |
| The Magnolia State Corporation | Miss. | Sep. 29, 2010 | $7,922,000 | $9,276,394 |
| Harbor Bankshares Corporation | Md. | Jan. 16, 2019 | $0 | $2,071,756 |
| University Financial Corp, Inc. | Minn. | Jun. 19, 2009 | $22,115,000 | $23,710,841 |
| Fairfax County Federal Credit Union | Va. | Sep. 24, 2010 | $8,044,000 | $9,165,244 |
| Santa Cruz Community Credit Union | Calif. | Sep. 24, 2010 | $2,828,000 | $2,963,430 |
| American Bancorp of Illinois, Inc. | Ill. | Sep. 17, 2010 | $5,457,000 | $6,549,074 |
| PGB Holdings | Ill. | Feb. 6, 2009 | $3,000,000 | $3,327,125 |
| Mission Valley Bancorp | Calif. | Dec. 23, 2008 | $10,336,000 | $11,775,628 |
| Bainbridge Bancshares, Inc. | Ga. | Sep. 24, 2010 | $3,372,000 | $3,645,637 |
| Carter Federal Credit Union | La. | Sep. 29, 2010 | $6,300,000 | $4,490,172 |
| Community Plus Federal Credit Union | Ill. | Sep. 29, 2010 | $450,000 | $471,025 |
| PSB Financial Corporation | La. | Feb. 27, 2009 | $9,734,000 | $437,489 |
| Tongass Federal Credit Union | Alaska | Sep. 24, 2010 | $1,600,000 | $1,754,666 |
| CFBanc Corporation | D.C. | Sep. 17, 2010 | $5,781,000 | $6,273,349 |
| IBC Bancorp, Inc. | Ill. | May 15, 2009 | $8,086,000 | $9,982,720 |
| UNO Federal Credit Union | La. | Sep. 24, 2010 | $743,000 | $786,754 |
| First Vernon Bancshares | Ala. | Jun. 12, 2009 | $6,245,000 | $6,528,523 |
| Carver Bancorp | N.Y. | Jan. 16, 2009 | $18,980,000 | $19,426,508 |
| Independent Employers Group Federal Credit Union | Hawaii | Sep. 29, 2010 | $698,000 | $769,701 |
| Freedom First Federal Credit Union | Va. | Sep. 29, 2010 | $9,278,000 | $9,779,527 |
| Thurston Union of Low Income People (TULIP) Cooperative Credit Union | Wash. | Sep. 24, 2010 | $75,000 | $80,593 |
| Union Settlement Federal Credit Union | N.Y. | Sep. 29, 2010 | $295,000 | $294,594 |
| Butte Federal Credit Union | Calif. | Sep. 24, 2010 | $1,000,000 | $1,085,389 |
| Virginia Community Capital, Inc. | Va. | Sep. 24, 2010 | $1,915,000 | $2,135,757 |
| Tri-State Bank of Memphis | Tenn. | Apr. 3, 2009 | $2,795,000 | $3,036,009 |
| Guaranty Capital Corporation | Miss. | Sep. 25, 2009 | $14,000,000 | $16,773,983 |
| Liberty County Teachers Federal Credit Union | Texas | Sep. 24, 2010 | $435,000 | $481,434 |
| Cooperative Center Federal Credit Union | Calif. | Sep. 24, 2010 | $2,799,000 | $3,136,034 |
| Union Baptist Church Federal Credit Union | Ind. | Sep. 24, 2010 | $10,000 | $11,600 |
| North Side Community Federal Credit Union | Ill. | Sep. 29, 2010 | $325,000 | $400,320 |
| Buffalo Cooperative Federal Credit Union | N.Y. | Sep. 24, 2010 | $145,000 | $190,533 |
| Opportunities Credit Union | Vt. | Sep. 29, 2010 | $1,091,000 | $1,266,651 |
| Citizens Bancshares | Ga. | Mar. 6, 2009 | $11,841,000 | $13,305,409 |
| Alternatives Federal Credit Union | N.Y. | Sep. 24, 2010 | $2,234,000 | $2,334,903 |
| Southern Chautauqua Federal Credit Union | N.Y. | Sep. 29, 2010 | $1,709,000 | $1,802,140 |
| Neighborhood Trust Federal Credit Union | N.Y. | Sep. 24, 2010 | $283,000 | $334,768 |
| First Choice Bank | Calif. | Feb. 13, 2009 | $5,146,000 | $5,413,878 |
| Northeast Community Federal Credit Union | Calif. | Sep. 24, 2010 | $350,000 | $404,036 |
| Atlantic City Federal Credit Union | Wyo. | Sep. 24, 2010 | $2,500,000 | $100,277 |