BOSTON, Nov. 30, 2012 /PRNewswire/ -- OneUnited Bank has won a $415,000 award from the U.S. Department of the Treasury's Bank Enterprise Award (BEA) program for its community development lending. This award is the maximum amount provided to any recipient and marks the tenth time the Bank has received the honor.
"This award underscores OneUnited's commitment to lending in underserved communities during the current economic downturn. In 2011, OneUnited Bank generated over 100 loans totaling $60 million with over 80% in low to moderate income communities, compared to only $4 million in 2009," said Kevin Cohee, Chairman & CEO of OneUnited Bank. "We are honored by the recognition of our community development efforts as we continue to focus on generating more loans and promoting financial literacy in urban communities."
The BEA program is administered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund and provides an incentive to FDIC-insured banks to expand the availability of credit, investment capital and financial services in distressed urban and rural communities. These awards complement the community development activities of an elite group of certified CDFI banks and thrifts and recognize their support of distressed communities. Awards are provided on an annual basis and eligible institutions must comply with the rigorous requirements of the program. This year the CDFI Fund awarded nearly $18 million dollars in BEA grants to 59 banks across the country. These grants helped spur loans and investments in these communities by more than $400 million over the previous year.
OneUnited Bank (www.oneunited.com), a Minority Depository Institution (MDI) and a Community Development Financial Institution (CDFI), is a ten time recipient of the U.S. Department of Treasury's Bank Enterprise Award due to its community development lending. Its mission is to be the premier bank serving urban communities by promoting financial literacy and offering affordable financial services. OneUnited has grown through a combination of organic growth and by acquiring community banks that share its mission, including Boston Bank of Commerce in Boston, Massachusetts, Founders National Bank and Family Savings Bank in Los Angeles, California, and Peoples National Bank of Commerce in Miami, Florida.
SOURCE OneUnited Bank