21st Century Bank Gives Back: Community Reinvestment Act (CRA)

On behalf of the entire team at 21st Century Bank, we are so pleased to witness the positive impact that reduced COVID-19 restrictions have had on Minneapolis-St. Paul Metro Area nonprofits in the past year. 

As pandemic-related restrictions eased in 2021, nonprofits were able to start accepting on-site donations again and allow volunteers to return in full force. By mid-summer, the 21st Century Bank team was even able to attend a few nonprofit events, which was incredibly rewarding. Last year, as part of our commitment to the Community Reinvestment Act (CRA), we also provided monetary relief to many of our community nonprofit partners.

It’s important to us that we share the same core values as our nonprofit partners within the communities we serve – Minneapolis, Blaine, Burnsville, Ham Lake, Lilydale, Loretto, Rogers and Roseville, Minnesota. Together we can make a greater impact.

Community Reinvestment Act (CRA): Supporting Twin Cities Area Nonprofits

Last year, our team members donated over 700 hours of service to area nonprofits. Certain employees donated time, participated at community events, fundraisers and collection sites, while others served as board members or gave financially. We have found many ways to serve. As a community bank, we have an essential role to play within our communities and recognize that giving back is a critical aspect of this duty.

In the past 12 months, we also committed to furthering our community development lending. For example, we lent funds to nonprofits and businesses that work to enhance neighborhoods. These organizations purchase apartments or housing in low to moderately low-income areas and make property renovations or work to keep rent at or below the Fair Market Rent value. Even during a pandemic, we strived, and still strive, to serve our communities in the most impactful ways possible.  

To summarize our community involvement in 2021, we participated in:

As part of our mission to tackle this responsibility, we also donated $52,374.27 to CRA-related organizations in 2021 and supported COVID-19 relief programs along with our nonprofit community partners.

It’s important to note that, through the Community Reinvestment Act (CRA), the Federal Deposit Insurance Corporation (FDIC) requires that all federally insured banks work to meet the credit needs of the entire communities they serve, including low and moderate-income households.  The FDIC regularly conducts Performance Evaluations of banks and discloses the results to the public.  

Lastly, our CRA Committee meets throughout the year to ensure 21st Century Bank complies with both the spirit and the law found in the CRA. In addition, they work on establishing internal procedures to encourage fair lending, affirmative credit programs, community investment and involvement, and compliance with technical requirements of the Act.

"Most of our customers don't realize that there's an expectation for banks to be involved in their community. Between donations and loan originations, the 21st Century Bank team united its support to organizations that work tirelessly to help their clients overcome the adversities of homelessness, hunger, and abuse. And to further their efforts in advancing education and human rights."

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