A message from Albina's CEO and President on why your deposits remain safe with us.
Albina Community Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
Dear Portland neighbors,
In today’s uncertain economic times, you may have questions about your banking relationship with Albina. Perhaps more than anything you’re wondering if your money is safe.
Yes, your deposits are safe with Albina Community Bank. Not only is your hard-earned money safe and secure, but your deposits are also supporting our local Portland neighborhoods. As a bank that was created in 1995 to inspire homeownership, small business growth, affordable housing development and revitalization of our local neighborhoods, Albina Community Bank continues to do everything we can to help our neighbors work through these difficult economic times. In the past 5 years alone, the Bank has assisted in the creation of 415 jobs, and financed $156 million for community businesses, including 220 micro-business loans.
A few things we want you to know:
• We are taking an aggressive stance to address non-performing loans on our books. These loans, largely affordable housing projects, have the backup of collateral securing them, and are in the process of collection.
• Our loan portfolio remains well diversified by category and we have limited exposure to any one single loan type.
• We remain well capitalized with sufficient liquidity to meet our demands; the bank exceeds the federal regulatory definition of well capitalized.
• As Oregon’s only commercial bank certified as a Community Development Financial Institution, we have access to Federal funding for banks targeting low-income communities. Since the beginning of 2009, we have received a $2 million Financial Assistance Award, and a $216,547 Bank Enterprise Award from the U.S. Treasury’s CDFI Fund.
At Albina, your deposits are FDIC-insured up to $250,000 through December 31, 2013, with greater coverage for joint accounts, alternative ownerships, and IRAs. We’re also participating in the FDIC program to provide unlimited FDIC insurance on all personal and business non-interest bearing transaction (checking) accounts until June 30, 2010.
With your deposits and our joint commitment to our local neighborhoods, we’ll get through these challenging times. In the meantime, we’ll continue to offer great products and services, and build lasting banking relationships with those who care most about our local communities.
As always, please feel free to contact us at any of our five neighborhood offices, or by sending us an email at customercare@albinabank.com.
Committed to our local neighborhoods,
| Cheryl Cebula President and Chief Operating Officer |
Bob McKean Chief Executive Officer |
Additional Links
• Read our 2nd quarter 2009 earnings press release
• Calculate your total FDIC coverage
• Updates about FDIC coverage
• Community Impact Scorecard – 2nd Quarter / YTD 2009
