U.S. Department of the Treasury, Emergency Capital Investment Program: "Investing for Impact: 2023 Annual Report"
Summary
Treasury's Emergency Capital Investment Program 2023 Investing for Impact Report, dated July 12, 2024. It states that through ECIP, authorized by the Consolidated Appropriations Act, 2021, Treasury invested more than $8.57 billion in community financial institutions, and that the 175 institutions are headquartered in 35 states, Guam, and the District of Columbia. According to the report, participants originated a total of $58.3 billion in loans in approximately 18 months, of which $43.0 billion was Qualified Lending and $20.6 billion was Deep Impact Lending. During 2023, participants originated approximately $34.4 billion in loans, about 74% of it Qualified Lending. The report closes with lists of top participants by category, including lending to Indian Reservations and Native Hawaiian Homelands.
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Emergency Capital Investment Program
2023 Investing for Impact Report
July 12, 2024
July 12, 2024
I. Executive Summary
Through the Emergency Capital Investment Program (ECIP), authorized by the Consolidated
Appropriations Act, 2021, the U.S. Treasury Department (Treasury) invested more than $8.57
billion in community financial institutions to support lending to financially underserved
borrowers and communities. ECIP participants are federally insured banks, savings and loan
associations, holding companies, and credit unions that are certified as community development
financial institutions (CDFIs) by Treasury’s CDFI Fund or designated as minority depository
institutions (MDIs) by their federal regulator. The 175 institutions that Treasury invested in are
headquartered in 35 states, Guam, and the District of Columbia.
ECIP was established to support the efforts of low- and moderate-income community financial
institutions to provide financial products and services for low- and moderate-income and
underserved communities that have disproportionately suffered from the impacts of the COVID–
19 pandemic, by providing capital investments in community financial institutions. Data from
the first 18 months of the implementation of the program demonstrate that community financial
institutions participating in ECIP were well-positioned to deliver loans and other resources, at
scale, to financially underserved communities that were particularly impacted by the pandemic.
Each quarter, participants submit reports to Treasury, known as the Quarterly Supplemental
Reports (QSRs), that provide data on new loan originations during the quarter. Participants
reported this data starting with their lending in Q2 2022. 1 In addition to reporting their total
lending, participants provide data on their Qualified Lending and Deep Impact Lending.
Qualified Lending includes lending to low- and moderate-income (LMI) borrowers, minority
communities, rural communities, and businesses with annual revenues of $1 million or less,
among other categories, as outlined in the ECIP Rate Reduction Incentive Guidelines. 2 Deep
Impact Lending is a subset of Qualified Lending that represents more challenging types of
lending to more underserved target communities that face the greatest barriers to accessing
capital. Deep Impact Lending includes lending to low-income borrowers, businesses with annual
revenues of $100,000 or less, financing of deeply affordable housing, and lending in persistent
poverty counties, on Indian reservations and in U.S. territories, among other categories, also as
outlined in the ECIP Rate Reduction Incentive Guidelines. The Qualified Lending and Deep
Impact Lending categories illustrate how ECIP participants are advancing the statutory goals of
the program and provide a data-driven method for understanding their impact on communities.
The following are key impacts of the ECIP program to date. Unless otherwise noted, the data
presented below are for the period from May 2022 through December 2023.
1
Each participant is required to begin reporting on the loans it originates starting from the date it received its ECIP
investment. Over 90% of ECIP participants received their ECIP investments in Q2 2022.
2
ECIP Rate Reduction Incentive Guidelines. For additional information, please see the QSR Instructions for Credit
Unions and Insured Depository Institutions and Holding Companies (collectively, the QSR Instructions).
“Qualified Lending” is a subset of Lending Activity. Lending Activity is considered Qualified Lending if it is
made to one of the Target Communities listed in Table 1–Target Communities in the QSR Instructions.
2
July 12, 2024
• In approximately 18 months, ECIP participants originated a total of $58.3 billion in
loans, of which more than one third was to the most underserved borrowers.
Approximately three quarters, or $43.0 billion, of these originations was Qualified
Lending. More than one third of these total originations, or $20.6 billion, was Deep
Impact Lending to the most underserved borrowers.
• ECIP participants significantly increased their total lending and qualified lending
above their pre-ECIP baseline, even as interest rates rose. ECIP participants reported
$33.0 billion in total originations in the baseline year ending September 30, 2020. In the
year between July 1, 2022 and June 30, 2023, ECIP participants reported $38.7 billion in
total originations. During the same periods, Qualified Lending increased from $24.8
billion to $28.1 billion. Since July 1, 2023, participants have continued to report total
originations and Qualified Lending at or above their pre-ECIP baselines, even though
interest rates were significantly higher in this time period than in the baseline year.
• Since receiving their ECIP investments, participants have steadily increased the
amount and percentage of their Qualified Lending and Deep Impact Lending. The
percentage of ECIP participants’ total originations that was Qualified Lending increased
from 72% in Q3 2022 to 76% in Q4 2023. The percentage of ECIP participants’ total
originations that was Deep Impact Lending to the most underserved borrowers increased
from 33% in Q3 2022 to 39% in Q4 2023.
• ECIP participants reached underserved geographies. Through the end of 2023, ECIP
participants originated $10.3 billion in Rural Communities and $17.5 billion in Minority
Communities, two categories of Qualified Lending. In the same period, ECIP
participants’ lending in some of the most distressed communities in the United States
included $10.2 billion in Persistent Poverty Counties; $850 million in Indian
Reservations and Native Hawaiian Homelands; and $459 million in Puerto Rico and
other U.S. territories.
• ECIP participants unlocked access to capital for the hardest-to-serve small
businesses. Through the end of 2023, ECIP participants reported 24,540 originations
totaling $4.5 billion of lending to small businesses with annual revenues of $1 million or
less. Of this lending, 7,395 originations totaling $1.2 billion were to the smallest and
hardest-to-serve businesses with annual revenues of $100,000 or less, including many
start-ups. Through the end of 2023, ECIP participants reported 2,623 originations
totaling $1.4 billion of lending to minority-owned businesses (not including Hispanic-
owned businesses) and 2,266 originations totaling $1.2 billion of lending to Hispanic-
owned businesses.
• ECIP participants financed the production of affordable housing and provided
mortgages to underserved homebuyers. Through the end of 2023, ECIP participants
3
July 12, 2024
invested $1.2 billion in 434 Affordable Housing projects, 3 including $345 million for
Deeply Affordable Housing projects. 4 During the same period, ECIP participants
provided 8,984 mortgage loans totaling $2.6 billion to Other Targeted Populations. 5
• Most ECIP participants are collecting and reporting to Treasury demographic data
about the borrowers they serve, consistent with a statutory exemption from certain
restrictions on demographic data collection. Under the Equal Credit Opportunity Act,
lenders are generally prohibited from collecting data on the race and ethnicity of
borrowers except for mortgage loans. The ECIP statute provides a limited exemption
from the Equal Credit Opportunity Act for ECIP participants. 6 Treasury provided
flexibility to allow ECIP participants additional time to implement this new data
collection and expects all ECIP participants to provide complete reporting by Q3 2024.
By the end of 2023, about 60% of ECIP participants reported non-mortgage lending to
Other Targeted Populations, indicating that they had begun collecting data on the race
and ethnicity of at least some non-mortgage borrowers.
The following chart provides a snapshot of lending reported by ECIP participants in 2022 and
2023.
3
“Affordable Housing” means financing for any (1) affordable housing development project that has received a
funding allocation under a state’s Low-Income Housing Tax Credit program (9% or 4% credits), from a U.S.
Department of Housing and Urban Development grantee utilizing HOME or Housing Trust Fund grant funds, or a
project that has received funding from the Farm Labor Housing Direct Loans & Grants program or Housing
Preservation Grants program at the U.S. Department of Agriculture; or (2) financing for any affordable housing
units restricted to households earning below 60% of AMI for a period not less than 10 years, prorated based on the
percentage that such units make up of the total number of housing units.
4
“Deeply Affordable Housing” is a subset of affordable housing and is defined as financing for any (1) affordable
housing units restricted to households earning below 30% of AMI for a period not less than 10 years, prorated
based on the percentage that such units make up of the total number of housing units; or (2) affordable housing in
a “high opportunity area” as defined by the Federal Housing Finance Agency in 12 C.F.R. § 1282.1(b).
5
“Other Targeted Populations” means Minorities and, solely for CDFIs, populations designated as Other Targeted
Populations for that CDFI pursuant to any regulation issued by the CDFI Fund. “Minority” means any Black
American, Native American, Hispanic American, Asian American, Native Alaskan, Native Hawaiian, or Pacific
Islander.
6
See 12 U.S.C. 4703a(k).
4
July 12, 2024
Summary of ECIP Institutions’ Lending in Selected Categories1,2,3
May 2022 – Dec. 2022 Jan. 2023 – Dec. 2023 Total
Lending Activity Categories
($Billions) ($Billions) ($Billions)
Total Originations 23.873 34.415 58.288
Total Qualified Lending Originations 17.463 25.558 43.021
Total Deep Impact Lending
8.009 12.558 20.567
Originations
Selected Categories of Qualified Lending
LMI Borrowers 4.641 7.007 11.647
Rural Communities 4.048 6.305 10.353
Minority Communities 7.106 10.401 17.506
Affordable Housing 0.530 0.674 1.204
Small Businesses (annual revenue
1.759 2.740 4.499
<=$1 million)
Selected Categories of Deep Impact Lending
Low-Income Borrowers 2.469 3.699 6.168
Persistent Poverty Counties 3.817 6.362 10.179
Indian Reservations and Native
0.339 0.510 0.849
Hawaiian Homelands
U.S. Territories 0.166 0.293 0.459
Deeply Affordable Housing 0.155 0.190 0.345
Mortgage Lending to Other Targeted
1.129 1.442 2.571
Populations
Minority-owned Businesses (other
0.556 0.880 1.436
than Hispanic-owned Businesses)
Hispanic-owned Businesses 0.456 0.754 1.211
Smallest businesses (annual revenue
0.429 0.806 1.235
<=$100,000)
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024 and is subject to change.
2 The categories are not mutually exclusive. For example, a loan may be made to a Low-income Borrower in a Persistent Poverty
County and will be counted in both categories. Further, the same loan or investment may be included in both Qualified Lending
and Deep Impact Lending. For example, a loan made to a Low-income Borrower will also be counted as a loan to an LMI
Borrower since a Low-income Borrower is, by definition, also an LMI Borrower.
3 Lending for 2022 is from the date each institution received its ECIP investment through December 31, 2022 and thus does not
include lending for the full period from May to December 2022 for all participants. Q3 2022 includes 162 ECIP recipients; Q4
2022 includes 170 ECIP recipients; Q1 2023 includes 169 ECIP recipients; Q2 2023 includes 169 ECIP recipients; Q3 2023
includes 174 ECIP recipients; and Q4 2023 includes 174 ECIP recipients.
5
July 12, 2024
II. Overview
This report presents lending information for institutions participating in the ECIP. This report is
based on data submitted by ECIP participants to Treasury in their QSRs through the end of 2023.
The information contained in this report reflects the data as of the date indicated in each table.
This report may be updated from time to time to reflect data corrections and revisions. Readers
are encouraged to access this report on Treasury’s ECIP website to ensure they are reviewing the
most recent version of the report.
Through the ECIP, Treasury invested $8.57 billion in CDFIs and MDIs, including $3.2 billion in
MDIs. Community financial institutions deliver responsible capital, credit, and services to
financially underserved communities that the statute seeks to benefit, including LMI, minority,
and rural communities. ECIP is designed to work through these CDFIs and MDIs to deliver
loans and other investments to underserved communities that were particularly impacted by the
COVID-19 pandemic.
Under ECIP, Treasury invested in preferred stock or subordinated debt issued by participating
CDFIs or MDIs. Beginning two years after issuance, the investments carry a maximum dividend
or interest rate of 2 percent. Participating institutions may qualify for a reduction in this interest
or dividend rate by increasing their Qualified Lending compared to a pre-ECIP baseline period.
When ECIP participants engage in Deep Impact Lending, Treasury provides additional credit
toward this rate reduction. The additional credit recognizes the fact that the kind of lending that
will be most impactful in achieving the statutory purpose of the program often requires more
time and resources from the lender and may produce less revenue due to smaller loan sizes or
more favorable rates. This approach is designed to help level the playing field for borrowers that
face the greatest barriers to accessing capital and will provide greater transparency into the
impact of the program.
The remainder of this report presents additional information on lending by ECIP participants
through December 31, 2023. Section III presents information on total lending, Qualified
Lending, and Deep Impact Lending. Section IV presents trends on lending since participants
received their ECIP investments. Section V presents data on lending by state. Section VI
presents data by Qualified and Deep Impact Lending category. Section VIII highlights stories of
Deep Impact Lending that were submitted by ECIP participants. Finally, Section VIII lists the
top ECIP participants in various lending categories.
III. Total, Qualified, and Deep Impact Lending
An ECIP participant’s lending activity is considered Qualified Lending or Deep Impact Lending
if it is made to one of the Target Communities listed in Table 1 below. Deep Impact Lending, a
subset of Qualified Lending, represents the hardest-to-serve borrowers, including low-income
borrowers, minority-owned businesses, and residents of Tribal lands and U.S. territories. A full
description of the Qualified and Deep Impact Lending categories can be found in the QSR
Instructions.
6
July 12, 2024
Table 1: Qualified and Deep Impact Lending Categories
Categories of Target
Qualified Lending Deep Impact Lending
Communities
• LMI Borrowers • Low-income Borrowers
People • Other Targeted Populations • Mortgage Lending to Other
Targeted Populations
• Rural Communities • Persistent Poverty Counties
• Urban Low-Income • Indian Reservations and
Places Communities Native Hawaiian Homelands
• Underserved Communities • U.S. Territories
• Minority Communities
• Qualified Businesses, • Underserved Businesses
Businesses including Small Businesses or
Farms
• Affordable Housing • Deeply Affordable Housing
• Public Welfare and • Public Welfare and
Borrowers or projects Community Development Community Development
that create direct Investments if they primarily Investments if they primarily
benefits for LMI benefit LMI Borrowers or benefit Low-income
communities or Other communities, Minority Borrowers, Minority
Targeted Populations borrowers, or Minority borrowers, or Minority
Businesses Businesses
• Community Service Facility
While ECIP made investments in 175 institutions, the 2023 data represents 174 institutions (83
credit unions and 91 banks or holding companies), as two ECIP participants merged in 2023. Of
these 174 institutions, 119 are CDFIs, 27 are MDIs, and 28 are both CDFIs and MDIs.
7
July 12, 2024
During 2023, ECIP participants originated a total of approximately $34.4 billion in loans, of
which about 74%, or $25.6 billion, was Qualified Lending. Approximately 36% of ECIP
participants’ total originations during this time, or $12.6 billion, was Deep Impact Lending, a
subset of Qualified Lending, as shown in Figure 1 below. Total Originations, Qualified
Lending, and Deep Impact Lending by institution can be found in Annex 1 of the 2023 Data
Release.
Figure 1: 2023 Lending by ECIP Recipients1
Lending by Amount (Billion $) Lending by Number of
Originations
$8.9 197,608
$12.5
397,894
$12.9 464,928
Other Lending Other Lending
Qualified Lending other than Deep Impact Lending Qualified Lending other than Deep Impact Lending
Deep Impact Lending (a subset of Qualified Lending) Deep Impact Lending (a subset of Qualified Lending)
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change.
8
July 12, 2024
From the summer of 2022 through December 2023, ECIP participants reported total originations
of approximately $58.3 billion. Approximately 74%, or $43.0 billion, of these originations was
Qualified Lending. Approximately 35% of these originations, or $20.6 billion, was Deep Impact
Lending to the most underserved borrowers, as shown in Figure 2 below.
Figure 2: Summer 2022-December 2023 Lending by ECIP Recipients1
Lending by Number of
Lending by Amount (Billion $)
Originations
$15.3 344,553
$20.5 641,315
$22.4 787,695
Other Lending Other Lending
Qualified Lending other than Deep Impact Lending Qualified Lending other than Deep Impact Lending
Deep Impact Lending (a subset of Qualified Lending) Deep Impact Lending (a subset of Qualified Lending)
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change.
9
July 12, 2024
Table 2 below shows originations by ECIP recipients in 2023 by the Call Report lending
category for which data was collected. Note that Qualified Lending originations in this table
include only Qualified Lending that is not also Deep Impact Lending.
Table 2: Summary of 2023 Qualified and Deep Impact Lending
Qualified Lending Deep Impact Lending
Total Originations1
Originations Originations
Lending Activity
# of $ in # of $ in # of $ in
Categories
Originations Millions Originations Millions Originations Millions
(A) (B) (C) (D) (E) (F)
Credit Unions
Non-commercial loans/lines
644,483 $13,246 231,395 $5,613 288,448 $4,140
of credit2
Commercial loans/lines of
3,186 $979 1,488 $496 883 $178
credit
Total 647,669 $14,224 232,883 $6,109 290,331 $4,318
Insured Depository Institutions (IDIs) and Holding Companies
Loans secured by
constructions, land
6,265 $4,463 1,916 $1,511 2,425 $1,670
development, and other
land loans
Loans secured by farmland 1,706 $537 478 $125 1,047 $343
Loans secured by 1-4 family
residential properties 17,765 $4,756 5,439 $1,336 8,179 $1,823
Loans secured by
multifamily (5 or more) 439 $994 193 $485 183 $336
residential properties
Loans secured by nonfarm
nonresidential properties 3,655 $3,314 1,302 $1,346 1,933 $1,328
Loans to finance agricultural
production and other loans 3,979 $1,230 772 $184 3,089 $1,014
to farmers
Commercial and industrial
15,087 $3,022 4,555 $1,133 8,644 $1,193
loans
Loans to individuals for
household, family, and other 363,789 $1,859 217,329 $761 82,058 $531
personal expenditures
Lease financing receivables 73 $13 61 $8 3 $1
Direct and indirect
investments in real estate 1 $1 0 $0 1 $1
ventures
Equity investments without
readily determinable fair 2 $2 0 $0 1 $1
values
Total 412,761 $20,191 232,045 $6,890 107,563 $8,240
ECIP Total 1,060,430 $34,415 464,928 $12,999 397,894 $12,558
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change.
2 Non-commercial loans include real estate loans, auto loans, and personal credit such as unsecured credit cards and other secured
and unsecured loans.
10
July 12, 2024
IV. Trends in Lending
Figure 3 below shows quarterly trends in Total Lending by ECIP participants.
Figure 3: Quarterly Trends in Total Lending1,2
$12
$10
$8
$Billions
$6
$4
$2
$0
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
ECIP Participants' Quarterly Lending Baseline Lending
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change.
2 Q3 2022 includes 162 ECIP recipients; Q4 2022 includes 170 ECIP recipients; Q1 2023 includes 169 ECIP recipients; Q2 2023
includes 169 ECIP recipients; Q3 2023 includes 174 ECIP recipients; and Q4 2023 includes 174 ECIP recipients.
Figure 4 shows quarterly trends in Qualified Lending and Deep Impact Lending as a percentage
of Total Originations for ECIP participants, by dollar amount. For data on individual
institutions, see Annex 1 of the 2023 Data Release.
Figure 4: Trends in Qualified Lending as a Percent of Total Originations1,2
80.00%
60.00%
40.00%
20.00%
0.00%
Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Qualified Lending (including Deep Impact Lending) Deep Impact Lending
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change. Qualified
Lending in this figure includes lending which is also Deep Impact Lending.
2 Q3 2022 includes 162 ECIP recipients; Q4 2022 includes 170 ECIP recipients; Q1 2023 includes 169 ECIP recipients; Q2 2023
includes 169 ECIP recipients; Q3 2023 includes 174 ECIP recipients; and Q4 2023 includes 174 ECIP recipients.
11
July 12, 2024
Figure 5 shows the portion of 2023 lending which was Qualified and Deep Impact Lending as a
percentage of Total Originations for ECIP participants, by dollar amount, by institution type.
Figure 5: 2023 Qualified and Deep Impact Lending as a Percentage of Total
Originations by Institution Type1
80%
60%
40%
20%
0%
Credit Unions IDIs and Holding Companies
Deep Impact Lending Qualified Lending
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change. Qualified
Lending in this figure includes lending which is also Deep Impact Lending.
Figure 6 shows the portion of 2023 lending which was Qualified and Deep Impact Lending as a
percentage of Total Originations for ECIP participants, by dollar amount, across various
institution sizes (measured by assets).
Figure 6: 2023 Qualified and Deep Impact Lending as a Percentage of Total
Originations by Asset Size1
100%
80%
60%
40%
20%
0%
Small (<$500M) Medium ($500M - $2B) Large (>$2B)
Deep Impact Lending Qualified Lending
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change. Qualified
Lending in this figure includes lending which is also Deep Impact Lending.
12
July 12, 2024
V. Composition of Lending by State
At the end of 2023, ECIP participants were headquartered in 35 states, Guam, and the District of
Columbia. 7 Figure 7 below shows the percentage of total lending by ECIP participants in each
state or territory which is Qualified Lending or Deep Impact Lending for 2023. (The underlying
data for this chart can be found in Annex 2 of the 2023 Data Release.
Figure 7: Qualified and Deep Impact Lending by Participant Headquarters
State or Territory (as a Percent of Total Originations)1
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0% GU
SD
PA
NJ
TX
CO
LA
DCIL
CT
IN
AR
OH
OK
NY
NC
AK
AL
VA
MS
MO
GA
WA
AZ
MD
ID
MI
FL
SC
CA
MA
OR
TN
MT
MN
KY
HI
Deep Impact Lending Qualified Lending Other Lending
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change.
7
Treasury does not collect loan-level data from participants. Lenders may make loans to borrowers in states or
territories that are not their headquarters state or territory. Such loans would still be attributed to the headquarters
state, the District of Columbia, or Guam.
13
July 12, 2024
VI. Breakout of Qualified and Deep Impact Lending
Figure 8 below shows originations by ECIP participants in 2023 by the Qualified and Deep
Impact Lending categories for which data was collected. (Data is reproduced in Annex 3 of
2023 Data Release. Note that the categories are not mutually exclusive. For example, a loan
made to a Low-income Borrower in a Persistent Poverty County will be counted in both
categories. Further, the same loan may be included in both Qualified Lending and Deep Impact
Lending. For example, a loan made to a Low-income Borrower will also be counted as a loan to
an LMI Borrower since a Low-income Borrower is, by definition, also an LMI Borrower.
Figure 8: Qualified and Deep Impact Lending by Target Category1
Credit Unions IDIs and Holding Companies
Dollar Amount Dollar Amount
Lending Activity Categories Number of Number of
of Originations of Originations
Originations Originations
($Millions) ($Millions)
(A) (B) (C) (D)
LMI Borrowers 372,643 $5,927 39,957 $1,067
Low-Income Borrowers 260,027 $3,208 26,541 $491
People Other Targeted Populations 33,051 $1,103 15,253 $1,674
Mortgage Lending to Other
2,904 $600 2,255 $842
Targeted Populations
Small Businesses 5,678 $240 10,743 $2,500
Businesses
Underserved Businesses 810 $108 6,435 $2,022
Rural Communities 82,733 $1,515 84,984 $4,790
Urban Low-Income
279,938 $4,917 222,911 $7,428
Communities
Underserved Communities 335,135 $6,052 270,284 $10,297
Places Minority Communities 215,184 $3,675 210,438 $6,725
Persistent Poverty Counties 41,456 $636 78,488 $5,727
Indian Reservations and
Native Hawaiian 3,771 $27 13,141 $483
Homelands
U.S. Territories 1,182 $76 52 $217
Affordable Housing 63 $19 188 $656
Deeply Affordable Housing 13 $3 60 $187
Qualified Public Welfare
and Community 37 $73 35 $76
Projects Development Investments
Deep Impact Public Welfare
and Community 28 $24 29 $68
Development Investments
Community Service
76 $73 166 $279
Facilities
1 Data presented is based on Quarterly Supplemental Report submissions as of June 24, 2024, and is subject to change.
14
July 12, 2024
VII. Impact Highlights: Deep Impact Lending
This section presents highlights of Deep Impact Lending by ECIP participants. These highlights
were voluntarily submitted by participating institutions and have not been independently verified
by Treasury.
Small Business Lending
• In March 2023, Millennium Bank (an MDI in Des Plaines, IL) funded a business loan to
a small business that provides fresh produce to Chicago’s Low-income and Minority
communities. The funds were used to purchase two trucks to transport their products.
The bank has also extended working capital lines of credit to assist them with their daily
operational cash flow. The funding has allowed the business to grow its staff to over 15
employees and extend services to surrounding South Side communities.
• In March 2023, Centric Federal Credit Union (a CDFI in Monroe, LA) provided capital
necessary for a small construction company to expand its operations. This loan enabled
the company to hire additional workers, allowing them to take on a greater number of
construction projects. This strategic financial backing made possible through ECIP has
not only empowered the construction company to pursue more ambitious projects but has
also strengthened its financial stability, paving the way for sustained growth.
• Asian Bank (a CDFI and MDI in Philadelphia, PA) was able to expand its services and
small business loans to immigrant communities. This expansion has enabled loans
including a $60,000 loan in August 2022 to a Hispanic-owned take-out and catering
business to pay off higher-cost seller financing on the business location and a $100,000
loan to a Hispanic-owned restaurant to replace aging kitchen equipment in September
2023.
Commercial Lending
• In April 2023, Banesco USA (an MDI in Coral Gables, FL) closed on four loans totaling
$5,605,295 for a leading manufacturer of flexible and industrial plastic packaging for
FDA-regulated sectors and the general market, located in Corozal, Puerto Rico. The
business is Hispanic-owned and is in an Urban Low-Income Community, Underserved
Community, Minority Community, and Persistent Poverty County. The loan recipient, an
Underserved Business, is now Corozal’s largest employer, providing jobs for 5% of the
working population in a community with a 48% poverty rate.
• In June 2023, Southern Bancorp (a CDFI in Arkadelphia, AR) made a $94,000
commercial loan to purchase a building that will house a family healthcare clinic. The
clinic will be located in Ashley County, Arkansas, which is ranked in the bottom quartile
for healthy counties in a state that persistently struggles with poor health outcomes.
Proximity to healthcare is currently an obstacle for the county’s low-income residents.
Because they cannot afford to travel long distances to access specialty services, they
often go without. The new facility will not only serve these families but provide
transportation as well.
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• In September 2023, Lone Star National Bank (an MDI in Pharr, TX) originated a
$15,115,000 investment to finance infrastructure improvements in the City of Pharr,
Texas to promote commercial, retail, and land uses for economic development such as
manufacturers, development of roads, residential housing, parks, retail, and a produce
area. The investment will fund installation of wi-fi in all schools in Pharr, making wi-fi
accessible to all citizens in Pharr, and the building of a research and library center,
critical to educating people out of poverty.
• In November 2023, Self-Help Credit Union (a CDFI and MDI in Durham, NC) made a
$796,000 commercial loan to an African American-owned childcare center to purchase a
vacant building to expand quality care to more children.
• In March 2022, Ponce Bank (an MDI in Bronx, NY) closed a mortgage loan to a
minority-owned catering and special events company. Loan proceeds will go to purchase
a 17,765 square-foot two-story commercial building in the Bronx, New York. The
property purchase allowed a 100% minority-owned small business employing 20 full-
time and 16 part-time workers to consolidate its existing food service operations into one
central headquarters in the South Bronx.
• In September 2022, New Omni Bank (an MDI in Alhambra, CA) funded a $1.57 million
loan to finance the purchase of an owner-occupied child day care facility located in an
Underserved and Urban Low-Income Community in California. The business, which is
licensed for 80 preschool children and 16 infants, making it the third-largest facility in
the area, had provided day care services to the local area communities since 1996. The
borrower, a minority-owned business, plans to continue operating the facility as a child
day care service. The loan created four new jobs, and a total of 18 jobs will be retained
that otherwise would have been lost.
Consumer Lending
• In 2023, One Detroit Credit Union (a CDFI and MDI in Detroit, MI) provided loan
capital for 72 “Refi My Ride” loans, helping Low-income Borrowers out of high-cost car
loans.
• In the second quarter of 2023, Alternatives Federal Credit Union (a CDFI in Ithaca, NY)
made $558,000 in credit-building consumer loans for 45 Low-income Borrowers (under
80% of area median income (AMI) by county) with credit scores of 570 and under. In
Q3 2023, AFCU made $615,749 in credit-building consumer loans for 55 Low-income
Borrowers (under 80% AMI by county) with credit scores of 604 and under. The average
credit score of these borrowers was 548. These loans were paired with financial
education and credit counseling.
• In the fourth quarter of 2023, Texas National Bank (a CDFI and MDI in Mercedes, TX)
originated 149 credit-building loans totaling $379,194. These loans do not require a
credit score, allowing consumers with no or limited credit history to take part in the
financial system and build their credit. All these loans corresponded to minority
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individuals who reside in Persistent Poverty Counties. Through responsible consumer
financing done through the bank, these consumers were able to avoid costly and
predatory lenders.
Mortgage Lending and Investments in Housing
• In April 2023, Locus Bank (a CDFI in Richmond, VA) provided a $8.38 million Low-
Income Housing Tax Credit construction loan to support the acquisition and
rehabilitation of 112 units of affordable housing, with 100 units below 50% AMI and 12
units below 60% AMI, located in Richmond, VA, a Persistent Poverty County. In
September 2023, Locus Bank provided a $9 million line of credit to bridge tax
equity/grants for cost overruns related to the rehabilitation of 204 units of affordable
housing across five different projects in Richmond.
• Since Latino Community Credit Union (a CDFI and MDI in Durham, NC) received its
ECIP investment in 2022, 310 loans for a total of $8.6 million have been made in Gaston
County, North Carolina, mostly to Latinos. This includes $3.6 million for 18 home
mortgage loans for Latino families. The average mortgage loan size is approximately
$200,000, and as low as $68,400. Fourteen of those home loans were in Urban,
Underserved, and Low-Income Communities.
• In 2022, BOM Bank (a CDFI in Natchitoches, LA) offered a new mortgage loan program
to benefit Bossier and Bienville parishes in Louisiana. This affordable housing program
was promoted by bank staff visiting over 10 areas in the market to discuss the program.
The program is limited to Low-income Borrowers with adjusted gross income of $50,000
or less, approximately 76% of AMI. The program also required recipients to obtain
financial advising from the bank, to increase financial literacy among participants.
• In August 2022, Carson Financial Holding Company (an MDI in Stilwell, OK) helped a
single mother, Low-income Borrower in a Persistent Poverty County secure a Federal
Home Loan Bank Homeownership Set-aside Program grant for a down payment to buy
the home she was living in. An additional loan was provided for her to rebuild the back
of the house and construct a new roof for the home, as the existing roof allowed rainwater
to pour down the walls. This loan, coupled with financial counseling provided by Carson
Financial Holding Company, helped her build credit, equity, and security in her home.
• In November 2022, Central Bank of Kansas City (a CDFI in Kansas City, MO) provided
$6.8 million in financing for a 36-unit affordable housing development in Dewitt, Iowa
that was needed to support the rural community. A total of 32 of the units are reserved
for residents under 60% of AMI, and others are reserved for residents under 30% of AMI.
The project was also supported by low-income housing tax credits.
Other Lending
• In the first quarter of 2023, First Bank (an MDI in Antlers, OK) made more than $21
million in loans to individuals and businesses in Persistent Poverty Counties.
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• In March 2023, the Bank of Commerce (an MDI in Greenwood, MS) provided a loan of
$1.3 million to finance the construction and renovation of a school facility. The funding
was used to build new classrooms to provide additional learning space for students and
cafeteria facilities. The school serves students of LMI families. The school used this
funding to invest in low-income, minority areas and has revitalized several vacant
neighborhood buildings.
• In 2022, an ECIP investment allowed Caldwell Holding Company (a CDFI in Columbia,
LA) to sustain growth, including opening two new branches and obtaining regulatory
approval to expand in two additional parishes in Louisiana. One of the parishes, Lake
Providence, had a 56.1% poverty rate and is a majority Black community.
• In 2023, DC Credit Union’s (a CDFI and MDI in Washington, D.C.) ECIP funding
enabled the expansion of branch operations to locations where over 40% of the credit
union’s members reside and commute.
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VIII. Top ECIP Participants in Various Categories of Lending
A. Top 25 ECIP Participants by Dollar Amount of Deep Impact Lending as a Percentage of
Total Originations in 2023 (listed alphabetically): 8
Asian Financial Corporation (PA)
Caldwell Holding Company (LA)
Carson Financial Holding Company Inc. (OK)
CheckSpring Community Corporation (NY)
Centric Federal Credit Union (LA)
Citizens Corporation (MS)
Commerce Bancorp Inc. (MS)
Community First Guam Federal Credit Union (GU)
First Antlers Bancorporation Inc. (OK)
Grandview Bankshares, Inc. (OK)
Homeland Bancshares Inc. (LA)
Lone Star National Bancshares (TX)
New Covenant Dominion Federal Credit Union (NY)
Pyramid Financial Corporation (MS)
Rio Financial Services, Inc. (TX)
Security Bancshares Corporation (OK)
Self-Help Federal Credit Union (NC)
Sisseton -Wahpeton Federal Credit Union (SD)
South Side Community Federal Credit Union (IL)
South Texas Federal Credit Union (TX)
Southeast Financial Bankstock Corporation (AR)
Southwest Security, Inc. (MS)
The Native American Bancorporation Co. (CO)
TNB Bancshares (TX)
Winnsboro Bancshares Inc. (LA)
8
These lists do not include any ECIP participants that requested not to be included on such lists. Inclusion on these
lists is based on data as of June 24, 2024.
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B. Top 25 ECIP Participants by Dollar Amount of Deep Impact Lending in 2023 (listed
alphabetically): 9
BancPlus Corporation (MS)
Banesco USA (FL)
BankFirst Capital Corporation (MS)
Beneficial State Bancorp, PBC (CA)
Caldwell Holding Company (LA)
Centric Federal Credit Union (LA)
Commerce Bancorp, Inc. (MS)
ELGA Credit Union (MI)
Grant Bancshares, Inc. (LA)
Guaranty Capital Corporation (MS)
Lake Trust Credit Union (MI)
Leader Bancorp, Inc. (MA)
Local Government Federal Credit Union (NC)
Lone Star National Bancshares (TX)
Millennium Bancorp, Inc. (IL)
Ozarks Heritage Financial Group, Inc. (MO)
Planters Holding Company (MS)
Ponce Financial Group, Inc. (NY)
Rio Financial Services, Inc. (TX)
Self-Help Federal Credit Union (NC)
Sovereign Bank (OK)
Southern Bancorp, Inc. (AR)
Suncoast Credit Union (FL)
TNB Bancshares (TX)
United Bancorporation of Alabama, Inc. (AL)
9
These lists do not include any ECIP participants that requested not to be included on such lists. Inclusion on these
lists is based on data as of June 24, 2024.
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C. Top ECIP Participants by Dollar Amount of Lending to Specific Targeted Communities in
2023 (listed alphabetically): 10
Lending to Low-income Borrowers: 11
By total dollar amount of lending as a percentage of total originations:
1st Bergen Federal Credit Union (NJ)
Afena Federal Credit Union (IN)
Alternatives Federal Credit Union (NY)
Clarity Credit Union (ID)
Commodore Perry Federal Credit Union (OH)
DC Federal Credit Union (DC)
Episcopal Community Federal Credit Union (CA)
Genesee Co-op Federal Credit Union (NY)
Heritage Financial Credit Union (NY)
Holy Rosary Credit Union (MO)
Industrial Credit Union of Whatcom County (WA)
Members Credit Union, Inc. (CT)
New Covenant Dominion Federal Credit Union (NY)
Newrizons Federal Credit Union (WA)
Peninsula Community Federal Credit Union (WA)
Self-Help Federal Credit Union (NC)
Sisseton-Wahpeton Federal Credit Union (SD)
SkyPoint Federal Credit Union (MD)
South Side Community Federal Credit Union (IL)
Turner Bancshares, Inc. (TX)
By total dollar amount of lending:
Beneficial State Bancorp, PBC (CA)
Central Willamette Credit Union (OR)
Centric Federal Credit Union (LA)
ELGA Credit Union (MI)
Financial Partners Credit Union (CA)
Freedom First Federal Credit Union (VA)
Heritage Financial Credit Union (NY)
Industrial Credit Union of Whatcom County (WA)
Lake Trust Credit Union (MI)
Leader Bancorp, Inc. (MA)
10
These lists do not include any ECIP participants that requested not to be included on such lists. Inclusion on these
lists is based on data as of June 24, 2024.
11
“Low-income Borrower” means having an income of not more than: (1) for borrowers in Metropolitan Areas,
80% of AMI; and (2) for borrowers in Non-Metropolitan Areas, the greater of 80% of AMI or 80% of the statewide
Non-Metropolitan Area median income.
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July 12, 2024
Leaders Credit Union (TN)
Local Government Federal Credit Union (NC)
Marine Federal Credit Union (NC)
Neighbors Federal Credit Union (LA)
Seattle Metropolitan Credit Union (WA)
Security Credit Union (MI)
Self-Help Federal Credit Union (NC)
Sovereign Bank (OK)
Suncoast Credit Union (FL)
Texas Bay Credit Union (TX)
Lending to Other Targeted Populations: 12
By total dollar amount of lending as a percentage of total originations:
Bright Force Holding, Inc. (TX)
Carver Financial Corporation (GA)
Citizens Bancshares Corporation (GA)
Community First Guam Federal Credit Union (GU)
Genesee Co-op Federal Credit Union (NY)
Holy Rosary Credit Union (MO)
Hope Federal Credit Union (MS)
Kauai Federal Credit Union (HI)
Liberty Financial Services, Inc. (LA)
Lower East Side People’s Federal Credit Union (NY)
M&F Bancorp, Inc. (NC)
Members Credit Union, Inc. (CT)
Millennium Bancorp, Inc. (IL)
NMB Financial Corporation (NJ)
One World Holding, Inc. (TX)
Self-Help Credit Union (NC)
Self-Help Federal Credit Union (NC)
Sisseton-Wahpeton Federal Credit Union (SD)
Syracuse Cooperative Federal Credit Union (NY)
TNB Bancshares (TX)
By total dollar amount of lending:
Bright Force Holding, Inc. (TX)
Community First Guam Federal Credit Union (GU)
Hope Federal Credit Union (MS)
12
“Other Targeted Populations” means Minorities and, solely for CDFIs, populations designated as Other Targeted
Populations for that CDFI pursuant to any regulation issued by the CDFI Fund. “Minority” means any Black
American, Native American, Hispanic American, Asian American, Native Alaskan, Native Hawaiian, or Pacific
Islander.
22
July 12, 2024
Lake Trust Credit Union (MI)
Leader Bancorp, Inc. (MA)
Leaders Credit Union (TN)
Liberty Financial Services, Inc. (LA)
Lone Star National Bancshares (TX)
M&F Bancorp, Inc. (NC)
Millennium Bancorp, Inc. (IL)
NMB Financial Corporation (NJ)
One World Holding, Inc. (TX)
PCB Bancorp (CA)
Ponce Financial Group, Inc. (NY)
Seattle Metropolitan Credit Union (WA)
Self-Help Credit Union (NC)
Self-Help Federal Credit Union (NC)
Suncoast Credit Union (FL)
TNB Bancshares (TX)
University Financial Corp., GBC (MN)
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July 12, 2024
D. Top ECIP Participants by Dollar Amount of Lending to Underserved Businesses in 2023
(listed alphabetically): 13
Lending to Minority Businesses 14 (other than Hispanic-owned businesses):
By total dollar amount of lending as a percentage of total originations:
Asian Financial Corporation (PA)
Carver Financial Corporation (GA)
CheckSpring Community Corporation (NY)
IBW Financial Corporation (DC)
Millennium Bancorp, Inc. (IL)
One World Holding, Inc. (TX)
The Native American Bancorporation Co. (CO)
By total dollar amount of lending:
Asian Financial Corporation (PA)
CheckSpring Community Corporation (NY)
IBW Financial Corporation (DC)
Millennium Bancorp, Inc. (IL)
NMB Financial Corporation (NJ)
One World Holding, Inc. (TX)
The Native American Bancorporation Co. (CO)
Lending to Hispanic-owned businesses:
By total dollar amount of lending as a percentage of total originations:
1st Bergen Federal Credit Union (NJ)
Asian Financial Corporation (PA)
Banesco USA (FL)
Hope Federal Credit Union (MS)
Lone Star National Bancshares (TX)
Rio Financial Services, Inc. (TX)
TNB Bancshares (TX)
By total dollar amount of lending:
Asian Financial Corporation (PA)
Banesco USA (FL)
Community Bank of the Bay (CA)
Lone Star National Bancshares (TX)
13
These lists do not include any ECIP participants that requested not to be included on such lists. Inclusion on these
lists is based on data as of June 24, 2024.
14
“Minority Business” means a business or farm that is majority owned by a Minority.
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July 12, 2024
Hope Federal Credit Union (MS)
Rio Financial Services, Inc. (TX)
TNB Bancshares (TX)
Lending to businesses with less than $100,000 in annual revenue:
By total dollar amount of lending as a percentage of total originations:
Asian Financial Corporation (PA)
FSB Bancshares, Inc. (OK)
Grandview Bankshares, Inc. (OK)
IBW Financial Corporation (DC)
Lone Star National Bancshares (TX)
New Omni Bank, NA (CA)
TNB Bancshares (TX)
By total dollar amount of lending:
BankFirst Capital Corporation (MS)
Beneficial State Bancorp, PBC (CA)
Lone Star National Bancshares (TX)
New Omni Bank, NA (CA)
Planters Holding Company (MS)
Southern Bancorp, Inc. (AR)
TNB Bancshares (TX)
Lending to businesses majority owned by Low-Income Borrowers:
By total dollar amount of lending as a percentage of total originations:
Asian Financial Corporation (PA)
Carver Financial Corporation (GA)
CheckSpring Community Corporation (NY)
Hope Federal Credit Union (MS)
Millennium Bancorp, Inc. (IL)
NMB Financial Corporation (NJ)
Turner Bancshares, Inc. (TX)
By total dollar amount of lending:
Asian Financial Corporation (PA)
BankFirst Capital Corporation (MS)
CheckSpring Community Corporation (NY)
Millennium Bancorp, Inc. (IL)
NMB Financial Corporation (NJ)
Planters Holding Company (MS)
Turner Bancshares, Inc. (TX)
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July 12, 2024
E. Top ECIP Participants by Dollar Amount of Place-Based Lending in 2023 (listed
alphabetically): 15
Lending to Persistent Poverty Counties: 16
By total dollar amount of lending as a percentage of total originations:
Asian Financial Corporation (PA)
Caldwell Holding Company (LA)
Carson Financial Holding Company, Inc. (OK)
Centric Federal Credit Union (LA)
Pyramid Financial Corporation (MS)
South Texas Federal Credit Union (TX)
TNB Bancshares (TX)
By total dollar amount of lending:
BancPlus Corporation (MS)
Banesco USA (FL)
Guaranty Capital Corporation (MS)
Lone Star National Bancshares (TX)
Planters Holding Company (MS)
Ponce Financial Group, Inc. (NY)
TNB Bancshares (TX)
Lending to U.S. Territories: 17
By total dollar amount of lending as a percentage of total originations:
Banesco USA (FL)
Community First Guam Federal Credit Union (GU)
Lower East Side People’s Federal Credit Union (NY)
Marine Federal Credit Union (NC)
Suncoast Credit Union (FL)
By total dollar amount of lending:
Banesco USA (FL)
Community First Guam Federal Credit Union (GU)
Lower East Side People’s Federal Credit Union (NY)
15
These lists do not include any ECIP participants that requested not to be included on such lists. Inclusion on these
lists is based on data as of June 24, 2024.
16
“Persistent Poverty Counties” means any county, including county equivalent areas in Puerto Rico, that has had
20% or more of its population living in poverty over the past 30 years, as measured by the 1990 and 2000 decennial
censuses and the 2011–2015 five-year data series available from the American Community Survey of the Bureau of
the Census or any other territory or possession of the United States that has had 20% or more of its population living
in poverty over the past 30 years, as measured by the 1990, 2000, and 2010 Island Areas Decennial Censuses, or
equivalent data, of the Bureau of the Census.
17
“U.S. Territories” means Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, and the Northern Mariana
Islands.
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July 12, 2024
Marine Federal Credit Union (NC)
Suncoast Credit Union (FL)
Lending to Indian Reservations and Native Hawaiian Homelands: 18
By total dollar amount of lending as a percentage of total originations:
Carson Financial Holding Company, Inc. (OK)
First Antlers Bancorporation, Inc. (OK)
Grandview Bancshares, Inc. (OK)
Lewis Clark Credit Union (ID)
Security Bancshares Corporation (OK)
Sisseton-Wahpeton Federal Credit Union (SD)
The Native American Bancorporation Co. (CO)
By total dollar amount of lending:
Carson Financial Holding Company, Inc. (OK)
First Antlers Bancorporation, Inc. (OK)
FSB Bancshares, Inc. (OK)
Grandview Bancshares, Inc. (OK)
Ozarks Heritage Financial Group, Inc. (MO)
Security Bancshares Corporation (OK)
The Native American Bancorporation Co. (CO)
18
“Indian Reservations and Native Hawaiian Homelands” means (1) an “Indian Reservation” as defined in the CDFI
Fund regulations at 12 C.F.R § 1805.104 (i.e., any geographic area that meets the requirements of section 4(10) of
the Indian Child Welfare Act of 1978 (25 U.S.C. 1903(10)), and includes: land held by incorporated Native groups,
regional corporations, and village corporations, as defined in or established pursuant to the Alaska Native Claims
Settlement Act (43 U.S.C. 1602); public domain Indian allotments; and former Indian reservations in the State of
Oklahoma); or (2) Hawaiian Home Lands.
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