Community Development Capital Initiative
Cheap Loans for Community Development Banks
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About This Project
We're tracking where the bailout money is going. Our lead bailout reporter – and blogger – is ProPublica's . Lead developer is .
- Our frequently updated database tracks every dollar. In the scorecard, we provide a summary generated from the latest numbers.
- Our bailout recipient list tracks the companies to which Treasury has committed money.
A program under the Emergency Economic Stabilization Act
84 recipients
$782.65 million promised
$570.07 million actually invested, loaned, or spent
More info from www.treasury.gov
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.
More info from www.treasury.gov
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For our blog, resources and more, see our main bailout page.
The following list shows the 84 recipients of Community Development Capital Initiative.
| Name | State | Date Entered | Amount Committed by CDCI | Amount Returned to CDCI | Total Bailout Commitment |
|---|---|---|---|---|---|
| BancPlus Corporation | Miss. | Feb. 20, 2009 | $80,914,000 | $80,914,000 | |
| Carver Bancorp | N.Y. | Jan. 16, 2009 | $18,980,000 | $18,980,000 | $18,980,000 |
| Citizens Bancshares | Ga. | Mar. 6, 2009 | $11,841,000 | $11,841,000 | |
| Community Bank of the Bay | Calif. | Jan. 16, 2009 | $4,060,000 | $4,060,000 | |
| First American International Corp | N.Y. | Mar. 13, 2009 | $17,000,000 | $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 | $30,000,000 | |
| IBW Financial Corporation | D.C. | Mar. 13, 2009 | $6,000,000 | $6,000,000 | |
| Lafayette Bancorp | Miss. | Feb. 20, 2009 | $4,551,000 | $4,551,000 | |
| Liberty Financial Services | La. | Feb. 6, 2009 | $11,334,000 | $11,334,000 | |
| Mission Valley Bancorp | Calif. | Dec. 23, 2008 | $10,336,000 | $10,336,000 | |
| PGB Holdings | Ill. | Feb. 6, 2009 | $3,000,000 | $3,000,000 | |
| PSB Financial Corporation | La. | Feb. 27, 2009 | $9,734,000 | $9,734,000 | |
| Security Federal Corp | S.C. | Dec. 19, 2008 | $22,000,000 | $22,000,000 | |
| Southern Bancorp | Ark. | Jan. 16, 2009 | $33,800,000 | $33,800,000 | |
| State Capital Corporation | Miss. | Feb. 13, 2009 | $15,750,000 | $15,750,000 | |
| The First Bancshares | Miss. | Feb. 6, 2009 | $17,123,000 | $17,123,000 | |
| United Bancorporation of Alabama, Inc. | Ala. | Dec. 23, 2008 | $10,300,000 | $10,300,000 | |
| Tri-State Bank of Memphis | Tenn. | Apr. 3, 2009 | $2,795,000 | $2,795,000 | |
| Premier Bancorp | Ill. | May 8, 2009 | $6,784,000 | $6,784,000 | |
| IBC Bancorp, Inc. | Ill. | May 15, 2009 | $8,086,000 | $8,086,000 | |
| First Vernon Bancshares | Ala. | Jun. 12, 2009 | $6,245,000 | $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 | $17,910,000 | |
| M&F Bancorp | N.C. | Jun. 26, 2009 | $11,735,000 | $11,735,000 | |
| Community Bancshares of Mississippi, Inc. | Miss. | Sep. 11, 2009 | $54,600,000 | $54,600,000 | |
| First Eagle Bancshares, Inc. | Ill. | Sep. 11, 2009 | $7,875,000 | $7,875,000 | |
| Guaranty Capital Corporation | Miss. | Sep. 25, 2009 | $14,000,000 | $14,000,000 | |
| Alternatives Federal Credit Union | N.Y. | Sep. 24, 2010 | $2,234,000 | $2,234,000 | |
| American Bancorp of Illinois, Inc. | Ill. | Sep. 17, 2010 | $5,457,000 | $5,457,000 | |
| Kilmichael Bancorp, Inc. | Miss. | Sep. 3, 2010 | $3,154,000 | $3,154,000 | |
| CFBanc Corporation | D.C. | Sep. 17, 2010 | $5,781,000 | $5,781,000 | |
| Hope Federal Credit Union | Miss. | Sep. 17, 2010 | $4,520,000 | $4,520,000 | |
| Genesee Co-op Federal Credit Union | N.Y. | Sep. 17, 2010 | $300,000 | $300,000 | |
| Bainbridge Bancshares, Inc. | Ga. | Sep. 24, 2010 | $3,372,000 | $3,372,000 | |
| Virginia Community Capital, Inc. | Va. | Sep. 24, 2010 | $1,915,000 | $1,915,000 | |
| Lower East Side People's Federal Credit Union | N.Y. | Sep. 24, 2010 | $898,000 | $898,000 | |
| Atlantic City Federal Credit Union | Wyo. | Sep. 24, 2010 | $2,500,000 | $2,500,000 | |
| Neighborhood Trust Federal Credit Union | N.Y. | Sep. 24, 2010 | $283,000 | $283,000 | |
| Gateway Community Federal Credit Union | Mont. | Sep. 24, 2010 | $1,657,000 | $1,657,000 | |
| Union Baptist Church Federal Credit Union | Ind. | Sep. 24, 2010 | $10,000 | $10,000 | |
| Buffalo Cooperative Federal Credit Union | N.Y. | Sep. 24, 2010 | $145,000 | $145,000 | |
| Tulane-Loyola Federal Credit Union | La. | Sep. 24, 2010 | $424,000 | $424,000 | |
| Liberty County Teachers Federal Credit Union | Texas | Sep. 24, 2010 | $435,000 | $435,000 | |
| UNO Federal Credit Union | La. | Sep. 24, 2010 | $743,000 | $743,000 | |
| Butte Federal Credit Union | Calif. | Sep. 24, 2010 | $1,000,000 | $1,000,000 | |
| Thurston Union of Low-Income People (TULIP) Cooperative Credit Union | Wash. | Sep. 24, 2010 | $75,000 | $75,000 | |
| Phenix Pride Federal Credit Union | Ala. | Sep. 24, 2010 | $153,000 | $153,000 | |
| Pyramid Federal Credit Union | Ariz. | Sep. 24, 2010 | $2,500,000 | $2,500,000 | |
| Cooperative Center Federal Credit Union | Calif. | Sep. 24, 2010 | $2,799,000 | $2,799,000 | |
| Prince Kuhio Federal Credit Union | Hawaii | Sep. 24, 2010 | $273,000 | $273,000 | |
| Community First Guam Federal Credit Union | Guam | Sep. 24, 2010 | $2,650,000 | $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 | $1,600,000 | |
| Santa Cruz Community Credit Union | Calif. | Sep. 24, 2010 | $2,828,000 | $2,828,000 | |
| Northeast Community Federal Credit Union | Calif. | Sep. 24, 2010 | $350,000 | $350,000 | |
| Fairfax County Federal Credit Union | Va. | Sep. 24, 2010 | $8,044,000 | $8,044,000 | |
| BankAsiana | N.J. | Sep. 29, 2010 | $5,250,000 | $5,250,000 | |
| The Magnolia State Corporation | Miss. | Sep. 29, 2010 | $7,922,000 | $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 | $1,709,000 | |
| Fidelis Federal Credit Union | N.Y. | Sep. 29, 2010 | $14,000 | $14,000 | |
| Bethex Federal Credit Union | N.Y. | Sep. 29, 2010 | $502,000 | $502,000 | |
| Shreveport Federal Credit Union | La. | Sep. 29, 2010 | $2,646,000 | $2,646,000 | |
| Carter Federal Credit Union | La. | Sep. 29, 2010 | $6,300,000 | $6,300,000 | |
| Workers United Federal Credit Union | N.Y. | Sep. 29, 2010 | $57,000 | $57,000 | |
| North Side Community Federal Credit Union | Ill. | Sep. 29, 2010 | $325,000 | $325,000 | |
| East End Baptist Tabernacle Federal Credit Union | Conn. | Sep. 29, 2010 | $7,000 | $7,000 | |
| Community Plus Federal Credit Union | Ill. | Sep. 29, 2010 | $450,000 | $450,000 | |
| Border Federal Credit Union | Texas | Sep. 29, 2010 | $3,260,000 | $3,260,000 | |
| Opportunities Credit Union | Vt. | Sep. 29, 2010 | $1,091,000 | $1,091,000 | |
| First Legacy Community Credit Union | N.C. | Sep. 29, 2010 | $1,000,000 | $1,000,000 | |
| Union Settlement Federal Credit Union | N.Y. | Sep. 29, 2010 | $295,000 | $295,000 | |
| Southside Credit Union | Texas | Sep. 29, 2010 | $1,100,000 | $1,100,000 | |
| D.C. Federal Credit Union | D.C. | Sep. 29, 2010 | $1,522,000 | $1,522,000 | |
| Faith Based Federal Credit Union | Calif. | Sep. 29, 2010 | $30,000 | $30,000 | |
| Greater Kinston Credit Union | N.C. | Sep. 29, 2010 | $350,000 | $350,000 | $350,000 |
| Hill District Federal Credit Union | Pa. | Sep. 29, 2010 | $100,000 | $100,000 | |
| Freedom First Federal Credit Union | Va. | Sep. 29, 2010 | $9,278,000 | $9,278,000 | |
| Episcopal Community Federal Credit Union | Calif. | Sep. 29, 2010 | $100,000 | $100,000 | |
| Vigo County Federal Credit Union | Ind. | Sep. 29, 2010 | $1,229,000 | $1,229,000 | |
| Renaissance Community Development Credit Union | N.J. | Sep. 29, 2010 | $31,000 | $31,000 | |
| Independent Employers Group Federal Credit Union | Hawaii | Sep. 29, 2010 | $698,000 | $698,000 | |
| Brooklyn Cooperative Federal Credit Union | N.Y. | Sep. 30, 2010 | $300,000 | $300,000 |