Neighborhood National Bank committed to serving low-moderate income census tracts for more than a decade
December 17, 2012 (San Diego)—Neighborhood National Bank has reached its 15th anniversary as a Community Development Financial Institution (CDFI). The bank will celebrate its 15 year anniversary all-day open houses at each of its branch locations throughout the day on December 19, 2012. Guests are welcome to stop by any of the branches during business hours (9:00a.m.-5:00p.m.) for light refreshments and treats.
Neighborhood National Bank has three branch locations in San Diego County: the City of San Diego, National City and Rancho San Diego. NNB service areas include the City of San Diego (Mid-City, Central and Southeast San Diego), Lemon Grove, Spring Valley, El Cajon, National City, Chula Vista, Imperial Beach and San Ysidro. For further information on Neighborhood National Bank and its services, please contact Debbie Landstedt at (619) 789-4431.
The bank was established in 1997 to meet the growing demands for a community bank that served San Diego’s underserved populations with financial products and services to help customers build wealth through personal and business loans. Neighborhood National Bank is one of only 85 banks in the nation to hold a CDFI certificate. Neighborhood National Bank was the first to be designated as a nationally chartered Community Development Bank (CDB) and CDFI, which requires the bank to put at least 60 percent of its deposits into loans in low-to-moderate income (LMI) areas.
“We’re very proud of the work we have been able to, and continue to, do in San Diego,” said Robert McGill, Neighborhood National Bank Chairman and CEO. “Even through the challenges the regulatory environment and financial downturns of the 2000’s have presented, our support of impacted neighborhoods in San Diego hasn’t diminished. It’s important to us that we are serving those individuals and businesses that are typically overlooked and turned away by larger financial institutions.”
An economic impact report highlighting Neighborhood National Bank’s work from 2006-2010 shows the bank had awarded 256 business loans totaling $54.2 million during that five-year period, 70 percent of which were granted to small businesses. Most recently, Neighborhood National Bank was given a Grade A Excellent rating by MultiFunding, an organization which helps educate small businesses on loan options, as well as assess and apply for the loans which may make most sense. The Grade A rating was given to Neighborhood National Bank for granting more than 25 percent of all loans to small businesses. Nationally, MultiFunding rates Neighborhood National Bank number 859 out of 6,716 rated banks.
Recently, Neighborhood National Bank staff and family members joined with the American Bankers Association (ABA) to build houses for four Imperial Beach families through San Diego Habitat for Humanity. Neighborhood National Bank is committed to charities working in education, health and civic services.