GE Money Bank Makes $3 Million Deposit in The Community’s Bank, Bridgeport, CT, to Support Local Economic Development Plan
GE Money Bank Makes $ 3 Million Deposit in The Community’s Bank, Bridgeport, CT, to Support Local Economic Development Plan
Bridgeport, Connecticut (PRWEB) November 11, 2007
The Community’s Bank and GE Money announced today that GE Money Bank has deposited $ 3 million into The Community’s Bank to support growth of the Bridgeport bank’s lending activities in Connecticut’s urban centers: Bridgeport, New Haven and Hartford. GE Money Bank is a federal savings bank affiliated with GE Money, the consumer finance arm of Fairfield, Connecticut-based General Electric.
Peter Hurst, the Founder, President and CEO of The Community’s Bank, stated that “Deposits we receive from institutions like GE Money Bank help us grow and provide funds for the Bank to continue our business of making loans to individuals, small businesses and non-profit organizations. The communities we serve benefit when we can make capital available for home ownership, for the acquisition and rehabilitation of real estate, and for entrepreneurship. This deposit by GE Money Bank will allow us to lend in the urban areas we serve and fulfill our goal of creating wealth and GE’s commitment to community development.” The $ 3 million was deposited under The Community’s Bank’s Certificate of Deposit Account Registry Service (“CDARS ®”) Program, a valuable cash management and investment tool that offers investors full FDIC insurance on deposits above $ 100,000.
“GE Money Bank is pleased to support The Community’s Bank in its efforts to ensure that Connecticut’s urban centers enjoy continued growth,” said Brent Wallace, GE Money Bank President and CEO. Added Wallace: “This $ 3 million deposit is being made as part of GE Money Bank’s Community Reinvestment Act program, through which we seek to support community development with targeted investments.”
Hurst continued: “This deposit from GE Money is good for The Community’s Bank, the communities in which we do business, and for GE Money.” The Community’s Bank is a Connecticut-chartered commercial bank whose deposits are insured by the FDIC. The Bank is also certified by the U.S. Treasury Department as a Community Development Financial Institution, based on its commitment to community and economic development in Connecticut’s urban markets. The Bank is soliciting deposits from other financial institutions and corporations, and recently began opening deposit accounts online and offering free bill pay at its Virtual Branch at http://www.TCBnow.com.
The Community’s Bank, based in Bridgeport, CT, is a full-service commercial bank with a banking office located at 2574 East Main Street in Bridgeport. The Bank is a wholly owned subsidiary of Urban Financial Group, Inc. a registered bank holding company. The Bank is certified as a minority business by the Connecticut Minority Supplier Development Council and the U.S. Treasury Department. Also, the Bank and Urban Financial are each certified by the U.S. Treasury Department as a Community Development Financial Institution. Administrative offices are located at 211 State Street in Bridgeport. The Bank operates a Virtual Branch with online account opening, bill pay and online banking at http://www.TCBnow.com.
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