Spring 2006 Cover
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A Look Inside

Comptroller Dugan on Minority-Owned Banks

OCC Affirms Support for Minority-Owned Banks

OCC List of Minority- and Women-Owned Banks

Minority Bank Deposit Program

MinBank Foundation Scholarships

National Bankers Association – The NBA Journey

NBA Promotes Business Partnerships

Canyon National Bank

OCC Resources on Native American Banking

Commonwealth National Bank

United Americas Bank, N.A.

Omni Bank, N.A.

Supervising Minority- Owned Banks: A Two-Way Street

Compliance Corner: Encouraging Investments in Minority-Owned Banks

How Majority and Minority-Owned Institutions Can Work Together

Benefits of CDFI Certification

List of Minority- Owned CDFI Banks

OCC's News from the Districts

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Comptroller Dugan speaking with Stanley Weeks of City National Bank of NJ and Saurabh Narain of Shorebank at the March 2006 National Bankers Association Conference.

Minority-Owned Banks — Making a Difference in Their Communities

by John C. Dugan, Comptroller of the Currency

Although there are fewer than 200 minority-owned banks in the United States — accounting for about 2 percent of the banking industry’s total assets — their importance can’t be measured solely by such statistics.  

Take City National Bank (CNB) of New Jersey, for example. Founded in 1973 and headquartered in Newark, CNB is the only commercial bank in the state owned by African-Americans. With a mission to serve the underserved, CNB is well aware of the urgent need for inner-city neighborhoods to offer good child-care facilities, freeing parents to find and keep full-time jobs.

When Memorial Day Nursery of Paterson — the nation’s oldest child-care center, founded in 1887 — sought funding to expand by buying and renovating a 16,000-square-foot building, it had trouble finding conventional financing.  In response, CNB created a loan package that included tax-exempt bond financing through the New Jersey Economic Development Authority, which reduced Memorial’s annual debt obligation. As a result, Memorial opened its new facility in 2003, accommodating 285 children — and helping their parents.  “City National was highly professional,” according to Deborah Hoffman, the Treasurer of Memorial’s Board, “and sympathetic to our mission to provide exemplary educational services to Paterson families.”

Full story...

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Articles by non-OCC authors represent their own views and are not necessarily the views of the OCC.

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CEO's of Minority Owned Banks
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United Americas television advertisement.
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A photo of Customer service at Monterey Park, CA, branch of Omni Bank.
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