Benefits of CDFI Certification
Community development financial institutions (CDFIs) are specialized financial institutions that have community development as their primary mission.
The benefits of being certified as a CDFI include, but are not limited to, access to financial and technical assistance from the CDFI Fund; eligibility for partnership opportunities with banks that are seeking Bank Enterprise Awards from the fund; access to the New Markets Tax Credit (NMTC) program; and enhanced ability to raise funds from foundations, corporate donors, and/or state and local governments. For national banks, investments in CDFIs are considered qualified public welfare investments for the purposes of CRA and Part 24 (12 CFR 25.23 and 12 CFR 24.6).
To be certified by the U.S. Treasury Department’s CDFI Fund, a CDFI must:
- Serve an eligible target market – criteria require that 60 percent of a CDFI’s activity must be primarily directed toward investment areas, low-income targeted populations, and/or other targeted populations.
- Be predominantly a financing entity.
- Provide developmental services – such as technical assistance or financial counseling in conjunction with its financial products.
- Maintain accountability to its target market.
- Be a nongovernmental entity.
For more information on CDFI
certification, please visit the CDFI Fund’s Web site at www.cdfifund.gov.
List of Minority-Owned CDFI Banks
Bank Data: as of 12/31/05
CDFI Certification Status: as of 9/01/2006
NAME |
CITY |
STATE |
MINORITY STATUS |
ADVANCE BANK |
BALTIMORE |
MD |
1 |
BANK OF CHEROKEE COUNTY |
HULBERT |
OK |
4 |
CAPITOL CITY BANK & TRUST CO |
ATLANTA |
GA |
1 |
CARVER FEDERAL SAVINGS BANK |
NEW YORK |
NY |
1 |
CARVER STATE BANK |
SAVANNAH |
GA |
1 |
CITIZENS B&T CO OF CHICAGO |
CHICAGO |
IL |
3 |
CITIZENS SAVINGS B&T CO |
NASHVILLE |
TN |
1 |
CITIZENS TRUST BANK |
ATLANTA |
GA |
1 |
CITY NB OF NEW JERSEY |
NEWARK |
NJ |
1 |
COMMUNITY BANK OF LAWNDALE |
CHICAGO |
IL |
1 |
COMMUNITY COMMERCE BANK |
LOS ANGELES |
CA |
2 |
COMMUNITY'S BANK |
BRIDGEPORT |
CT |
1 |
DOUGLASS NATIONAL BANK |
KANSAS CITY |
MO |
1 |
FIRST AMERICAN INTERNATIONAL BANK |
BROOKLYN |
NY |
3 |
FIRST INDEPENDENCE BANK |
DETROIT |
MI |
1 |
FORT GIBSON STATE BANK |
FORT GIBSON |
OK |
4 |
HARBOR BANK OF MARYLAND |
BALTIMORE |
MD |
1 |
INDUSTRIAL BANK NA |
OXON HILL |
MD |
1 |
INTERNATIONAL BK OF CHICAGO |
CHICAGO |
IL |
3 |
LEGACY BANK |
MILWAUKEE |
WI |
1 |
LIBERTY BANK & TRUST CO |
NEW ORLEANS |
LA |
1 |
LOUISVILLE COMMUNITY DEVELOPMENT |
LOUISVILLE |
KY |
1 |
MECHANICS & FARMERS BANK |
DURHAM |
NC |
1 |
MEMPHISFIRST COMMUNITY BANK |
MEMPHIS |
TN |
1 |
MISSION NATIONAL BANK |
SAN FRANCISCO |
CA |
2 |
MUTUAL COMMUNITY SB SSB |
DURHAM |
NC |
1 |
NATIVE AMERICAN BANK NA |
BROWNING |
MT |
4 |
NORTH MILWAUKEE STATE BANK |
MILWAUKEE |
WI |
1 |
ONEUNITED BANK |
BOSTON |
MA |
1 |
PACIFIC GLOBAL BANK |
CHICAGO |
IL |
3 |
SEAWAY NB OF CHICAGO |
CHICAGO |
IL |
1 |
SOUTH CAROLINA COMMUNITY BANK |
COLUMBIA |
SC |
1 |
UNITED BANK OF PHILADELPHIA |
PHILADELPHIA |
PA |
1 |
UNITED BANK & TRUST CO |
NEW ORLEANS |
LA |
1 |
|
|
1 - Black or African American |
2 - Hispanic American |
3 - Asian or Pacific Islander American |
4 - Native American or Alaskan Native American |
|