Receives $288K for work in low-income communities
NEW HAVEN — U.S. Sen. Richard Blumenthal joined bank President and CEO William H. Placke January 10 in announcing that Start Community Bank was one of only 59 FDIC-insured financial institutions in the country — and the only bank in the Northeast — to earn a Bank Enterprise Award (BEA) from the Community Development Financial Institutions Fund. The fund distributed a total of $18 million to these institutions.
The Bank Enterprise Award Program awards FDIC-insured depository institutions for making investments in “distressed” communities. The Bank Enterprise Awards are “reinvested in low-income and distressed communities, supporting new jobs, stronger small businesses, and more financial education and banking services for neighborhoods across the country,” according to CDFI Fund Director Donna J. Gambrell.”
Start Community Bank was selected to receive an award of $287,834 through the FY 2012 round of the BEA program for its support of affordable housing development by providing affordable housing development loans and project investments, small-business loans and project investments, and commercial real estate loans and project investments in low-income New Haven neighborhoods. Start Community Bank also accepted deposits from, and provided financial services to, low- and moderate-income residents.”
“Since Start Community Bank opened, we have been dedicated to serving New Haven and nearby communities, and to helping create a more healthy and economically vibrant community,” said Placke. “Receiving this prestigious award from the Department of Treasury reinforces that the countless hours our staff has dedicated — including supporting projects in low-income neighborhoods and providing financial literacy training for people of all ages — is having a positive impact on our community. These funds strengthen our resolve to continue to be a beacon of light in New Haven.”
“This award recognizes Start Bank's historic role in empowering under-banked populations — with financial literacy as well as access to banking — and enriching the entire community,” said Blumenthal. “This Bank Enterprise Award is a testament to the importance of these continued efforts to invest in families, small businesses and neighborhoods of all incomes.”
“We are proud that Start Bank has been recognized as a leader in community development for its work in New Haven,” said bank board chair Rolan Young Smith, a partner with Berchem, Moses & Devlin, PC. “In the two short years since opening, Start is rapidly becoming the bank of choice for individuals and businesses who want safety, stability, local decision-making and great rates, while investing capital directly back into the community.”
Start Community Bank is a full service commercial bank that is a member of the FDIC and an Equal Housing Lender. It is a state-chartered bank with approximately $41 million in assets and two branches in New Haven.