METRO BANK ONE OF 119 TO RECEIVE CDFI FUND AWARD
Metro Bank received a Bank Enterprise Award from the Community Development Financial Institutions (CDFI) Fund in recognition of investments in low-income communities. Metro Bank was one of 119 FDIC-insured financial institutions to receive the award and the only bank in Kentucky to receive the maximum award for 2018. The CDFI Fund awarded $25 million in awards that will be re-invested into distressed communities. Metro Bank will receive $ 233,244.
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”.
Metro Bank is certified by the U.S. Treasury Department as a Community Development Financial Institution (CDFI) and is the only CDFI Bank in Kentucky. 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.
About Metro Bank
Metro Bank is a community bank providing an array of financial and developmental resources to stimulate economic growth throughout Jefferson County. With a focus in low-income communities and underserved populations, Metro Bank provides access to flexible capital that facilitates job creation, job retention, and access to goods and services. Learn more about Metro Bank at www.metrobankky.com.