Curated News
By: NewsRamp Editorial Staff
December 10, 2024
Mission Driven Bank Fund Invests in FNBC Bancorp, Inc. to Expand Financial Services in Underserved Communities
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- Investing in FNBC Bancorp, Inc. allows the Mission Driven Bank Fund to expand its portfolio and reach more underserved communities in Arkansas and Missouri.
- The investment will be used to expand FNBC Bancorp, Inc.'s geographic footprint and scope in North-Central Arkansas and Southern Missouri, primarily through the First Chance Mortgage Program and Small Dollar Loan Program.
- The Mission Driven Bank Fund's investment in FNBC Bancorp, Inc. aims to provide financial services that foster economic development in underserved communities, translating into demonstrated progress in closing the racial wealth gap.
- FNBC Bancorp, Inc. CEO Marty Sellars highlights the bank's 12:1 loan to fund ratio, demonstrating the impact of their mission-focused banking on the communities they serve.
Impact - Why it Matters
This news matters as it highlights the ongoing efforts to expand financial services in underserved communities, ultimately aiming to close the racial wealth gap. The investment will support FNBC Bancorp, Inc. in providing crucial financial products and services to foster economic development and financial success in the communities they serve.
Summary
The Mission Driven Bank Fund has announced an investment in FNBC Bancorp, Inc., a community development financial institution (CDFI) bank dedicated to expanding financial services in underserved communities in Arkansas and Missouri. The investment will help FNBC Bancorp, Inc. to grow its products and increase credit access in underserved populations, primarily through their First Chance Mortgage Program and Small Dollar Loan Program. This marks the seventh Fund deployment in 2024, and the Fund anticipates raising additional capital through May 2025.
Source Statement
This curated news summary relied on this press release disributed by 24-7 Press Release. Read the source press release here, Mission Driven Bank Fund Invests in FNBC Bancorp, Inc. to Expand Financial Services in Underserved Communities
