Newspaper article THE JOURNAL RECORD

Northwest Bank Receives Community Development Funds

Newspaper article THE JOURNAL RECORD

Northwest Bank Receives Community Development Funds

Article excerpt

Northwest Bank & Trust Co. is one of 38 financial institutions scheduled to receive a total of $13.1 million in U.S. Treasury grants for community development.

U.S. Treasury Secretary Robert E. Rubin last week announced that Northwest Bank & Trust will receive the grants for having increased their support for community development.

The Bank Enterprise Awards Program leveraged nearly $66 million in private sector equity investment and other financial support from these banks and thrifts to community development financial institutions. In addition, the program catalyzed $60 million in total direct lending and service provided by these banks and thrifts within the distressed neighborhoods they serve. Northwest Bank will receive a $3,918 grant for providing operating grants totaling $35,618 to Neighborhood Housing Services of Oklahoma City. Neighboring Housing Services of Oklahoma City promotes home ownership in targeted neighborhoods through assistance with down payments, closing costs and other administrative expenses. Northwest Bank is a state chartered commercial bank with assets totaling $83 million. Institutions receiving awards are located in 18 states and the District of Columbia. The program is designed to foster partnerships between banks and thrifts and community development financial institutions. "Bank Enterprise Awards create a unique opportunity to forge partnerships between conventional lenders and community development financial institutions," Rubin said. Last week's announcement pertains to the first round of awards under the Bank Enterprise Awards Program. The program is intended to encourage insured depository institutions to make investments in community development and increase loans and services within distressed communities. Lock and switch mortgage Commercial Federal Bank has introduced a new loan product designed to take the pressure off people trying to buy a home quickly while interest rates are low. …

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