News Release 2007-35 | April 12, 2007
OCC Publishes Newsletter Highlighting Community Development Venture Capital Investment Opportunities
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released the Spring 2007 edition of Community Developments Investments focusing on community development venture capital (CDVC).
"Community development venture capital investments provide national banks with an opportunity to promote economic development and achieve solid financial returns," said Comptroller of the Currency John C. Dugan. "This double bottom-line investment has allowed bank investors to facilitate business growth and job creation in their communities while receiving positive consideration under the Community Reinvestment Act."
This issue of Community Developments Investments features a state of the industry review by Kerwin Tesdell, president of the Community Development Venture Capital Alliance and an article by Lee Winslett of Wells Fargo describing some of the successful investments his bank has made in CDVC funds. This edition also highlights the story of Kentucky Highlands Investment Corporation, which has been funding CDVC in rural Appalachia for the past 30-years, and 10 tips on CDVC investment due diligence by Fred Mendez of Silicon Valley Bank.
National banks often make CDVC investments under the "Part 24" public welfare investment authority which encourages bank equity investments in activities that primarily promote the public welfare in a safe and sound manner.
Community Developments Investments can be accessed on the OCC's website.
Kevin M. Mukri