Metro Bank One Of 113 To Receive CDFI Fund Award
On June 27, 2018, Metro Bank received a Bank Enterprise Award from the Community Development Financial Institutions (CDFI) Fund in recognition of its investments in low-income communities. Metro Bank was one of 113 FDIC-insured financial institutions to receive the award. The CDFI Fund awarded $22.8 million in awards that will be re-invested into distressed communities. In addition, four other Kentucky banks received awards because of their mission based deposit with Metro Bank.
Through the Bank Enterprise Award, the CDFI Fund provides monetary awards to FDIC-insured depository institutions that successfully demonstrate an increase in their own lending, investing or service activities in distressed communities. Distressed communities are defined where at least 30 percent of residents have incomes that are less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate. Award amounts align with an institution’s increase in Qualified Activities from one annual period to another – – the greater the increase, the larger the overall award.
“This award demonstrates Metro Bank’s commitment to the distressed communities of Jefferson County”, explained Pedro Bryant, President and CEO of Metro Bank, “We remain focused on making opportunities possible in the communities that we serve”.
The CDFI Fund is a department of the U.S. Treasury created for the purpose of promoting revitalization and community development through investment in and assistance to community development financial institutions. Metro Bank does 65% of its lending in low-income communities.