Independent Banker - September 2021 - 35

" [New federal funding] will give us the opportunity
to potentially triple our capital base, which
could triple our total asset size. So, it could be
very transformational. "
-TRAVIS C. ROUSE, M&F BANK
SEPTEMBER 22
11 ET / 10 CT
Helping
leveraged to achieve a total asset size
of nearly $1 billion. " So, it could be
very transformational, " Rouse adds.
Once recertified, M&F Bank will
be the only CDFI-designated bank
in North Carolina. A key part of its
mission is serving and empowering
economically distressed communities.
Of its deposits, 71% are redeployed
in local communities via loans. The
bank's CDFI initiatives will focus
primarily on small and medium-sized
business lending in underserved areas.
" We think that is where we can have
the most impact in terms of reducing
the wealth gap, " Rouse says.
M&F Bank is planning to apply
for the ECIP and has applied for a
Fincancial Assistance (FA) Capital
Assistance Grant through the Treasury
CDFI Fund. The bank aims to use the
additional funding to grow lending to
small and medium-sized businesses,
as well as to do more to support
affordable housing projects, including
financing larger projects. It plans to
hire lenders and invest in technology to
support that planned growth. " We see
this as an opportunity to impact the
markets that we serve in a number of
different ways, " Rouse says. ƒ
Beth Mattson-Teig is a writer
in Minnesota.
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need to tell the stories of how those funds are being deployed in
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programs play in helping to facilitate the good they're doing, says
Michael Emancipator, ICBA's vice president and regulatory counsel.
" The way that we are able to get CDFI grant money to community
banks is through the appropriation process, " he says. " Anything that
we can do to get that message out there creates a more virtuous
cycle to get more funds into the hands of these CDFI banks. "
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Independent Banker - September 2021

Table of Contents for the Digital Edition of Independent Banker - September 2021

Table of Contents
Independent Banker - September 2021 - Cover1
Independent Banker - September 2021 - Cover2
Independent Banker - September 2021 - Table of Contents
Independent Banker - September 2021 - 2
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Independent Banker - September 2021 - Cover3
Independent Banker - September 2021 - Cover4
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