PUBLISHER'S BLOG

Looks like Albina Community Bank just landed a big grant to help with local job creation. $2 million in investment funds is going to be available to neighborhood business to help them grow and create new employment opportunities.

SEE EMAIL BELOW

"Albina Community Bancorp is pleased to announce that we have received a $2 million financial assistance award to help create and maintain jobs in our local Portland neighborhoods. Please see below for an excerpt from the full news release, which is also attached.

 
The CDFI Fund of the U.S. Treasury announced at noon (PST) yesterday that Albina Community Bancorp, the holding company for the Pacific Northwest's only commercial bank certified as a community development financial institution (CDFI) by the U.S. Treasury Department, has been selected to receive a $2 million CDFI Fund Financial Assistance award to continue their community development work.  Albina will invest a portion of the award in its subsidiary, Albina Community Bank.

"Investing in small businesses and the jobs and wealth they inspire in our local neighborhoods is why we exist," stated Bob McKean, Albina Chief Executive Officer.  "With this award Albina will be able to expand our efforts to make credit available to the community during these challenging economic times.  Albina's certification dose not exclude us from the same regulatory requirements as any commercial bank, so we're grateful to the CDFI Fund for providing us with this additional capital to invest in our local neighborhoods."  The Bank estimates that this $2 million financial assistance award will enable it to leverage that capital to $20 million in loan growth in Portland neighborhoods to help create approximately 152 jobs, while maintaining another 1,573 jobs over the next couple of years.

This award is not related to TARP funding......And as always, we would be happy to answer any additional questions that you might have regarding this award.

Happy Summer!! Thanks for helping us spread this great news for our local neighborhoods!  

Susan Beall                           + sbeall@albinabank.com

AVP & Marketing Manager             )  503.288.7281

Albina Community Bank                   4  Fax: 503.287.0447

                                                              8  www.AlbinaBank.com