Published: November 18, 2009
ShoreBank Pacific is First Bank in Washington to Receive CDFI Certification
ILWACO, Wash. - (BUSINESS WIRE) - ShoreBank Pacific has received certification as a Community Development
Financial Institution (CDFI) by the U.S. Department of the Treasury's
CDFI Fund.
As the only bank chartered in Washington with CDFI certification,
ShoreBank Pacific is now uniquely positioned to apply for Treasury grant
funds that can be used for loans and development services in underserved
Oregon and Washington communities. CDFI funding would increase
ShoreBank Pacific's capacity to provide commercial loans to the
renewable energy, green building, fishing, and specialty foods and
agriculture industries.
"The certification is significant for the bank and the Pacific Northwest
because it could lead to millions of additional dollars for our lending
programs that in turn encourage sustainable community development," said
David Williams, ShoreBank Pacific CEO.
The CDFI certification is awarded to financial institutions with a
demonstrated history of community development in low-income and
underserved communities. To qualify, an institution must direct 60
percent of its activities toward CDFI-eligible target markets and
provide development services in conjunction with the financial products
it provides.
About ShoreBank Pacific
ShoreBank Pacific is an FDIC-insured bank leading the financial world in
sustainable banking. Founded in 1997 by ShoreBank Corp., Chicago and
Ecotrust, ShoreBank Pacific invests in people and businesses in the
Pacific Northwest to create strong companies, a healthy environment and
vibrant communities. ShoreBank Pacific is headquartered in Ilwaco,
Wash., with a branch in Seattle, Wash. and an additional lending office
in Portland, Ore. Visit www.shorebankpacific.com
for more information.
Maxwell PR
Molly Cooney-Mesker, 503-231-3086
molly@maxwellpr.com
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