Academic journal article ABA Banking Journal

More Banks Giving More Back

Academic journal article ABA Banking Journal

More Banks Giving More Back

Article excerpt

ABA Chairman's Position


CEO, NBanC, Altus, Okla.

I'VE TRULY ENJOYED READING ABOUT the many community enrichment, rehabilitation, reinvestment, and enhancement projects that bankers from coast to coast have written to tell me about. I hope you have, too.

University Bank in St. Paul, Minn., truly believes "you can do well by doing good." In fact, that's the motto of the Twin City-based community bank, which has focused its lending programs on helping reinvigorate impoverished neighborhoods. University Bank is an official Community Development Financial Institution, and proudly proclaims its passion for helping people throughout its diverse community. In 2002, more than 70% of the bank's loans were made in economically distressed areas.

University Bank created its "Urban Revitalization Fund" to give customers a socially responsible investment and thus support the bank's projects in economically challenged communities. The "double bottom line" assures customers competitive interest rates while offering them a way to improve their local urban neighborhoods as the bank directs the funds to affordable housing, small businesses, non-profit organizations and community services.

What's been the result? University Bank helped one couple-who had been turned down for a mortgage 35 times over five years--buy a home to raise their six children. The bank helped renovate a property, formerly used to produce crystal methamphetamine, into a welcoming single-family home. Another rundown property became a home for recovering addicts. A rundown commercial property became a new bookstore. A new restaurant sprouted where drug dealers once hung out. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed


An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.