Investment supports bank serving underserved communities in Arkansas, Missouri
CLEVELAND, OH, December 10, 2024 /24-7PressRelease/ — The Mission Driven Bank Fund today announced an investment in FNBC Bancorp, Inc., a community development financial institution (CDFI) bank committed to expanding financial services in underserved communities in Arkansas and Missouri. The investment adds to the growing portfolio of banks that demonstrate the Fund’s commitment to help the underserved by providing mission-aligned banks with a range of investment instruments and subsidized technical services tailored to their needs.
FNBC Bancorp, Inc. will use the capital to expand its geographic footprint and scope in North-Central Arkansas and Southern Missouri. Bank leaders hope to grow their current products to increase credit access in underserved populations, primarily through their First Chance Mortgage Program and Small Dollar Loan Program.
“We’re excited to be a part of the Mission Driven Bank Fund portfolio,” said Marty Sellars, CEO and Director of FNBC Bancorp, Inc. “Since 2016, for every dollar the bank has received in grant funding, we have reinvested $12 in loans across our footprint, a 12:1 loan to fund ratio. We hope to do the same with this new capital and technical services support from MDBF.”(1)
The investment in FNBC marks the seventh Fund deployment in 2024. The Fund will continue to engage with and invest in mission-aligned banks and anticipates raising additional capital through May 2025.
(1) The above endorsement (the “Endorsement”) was given by a person other than a current client or investor. It is the Mission Driven Financial Institutions Fund, L.P.’s (“MDBF”) knowledge and belief, no additional compensation is being provided or received in connection with such Endorsement, nor is MDBF aware of any conflicts of interest associated with such Endorsement.
About The Mission Driven Bank Fund
The Mission Driven Bank Fund seeks to foster a stronger and more inclusive banking system by investing capital and providing technical services to CDFIs and MDIs that target African American, Native American, Asian, Hispanic, and Pacific Islander communities. The Fund’s mission is to drive significant growth and financial resiliency in the mission-driven bank sector that translates into demonstrated progress in closing the racial wealth gap. Elizabeth Park Capital Management, a specialist firm investing in U.S. banks, and Calvert Impact, a leading impact investing firm, are members of the Fund’s general partner. Strategic Value Bank Partners is a subadvisor, and Performance Trust is a capital advisor and structuring agent for the Fund. For more information, go to www.missiondrivenbankfund.org.
About FNBC Bancorp, Inc.
FNBC Bancorp, Inc. is the holding company of FNBC Bank, a CDFI bank with locations in Arkansas and Missouri. As community bankers, FNBC strives to provide financial products and services that foster economic development throughout each market they serve, including a focus on underserved communities. Through mission-focused banking, financial success can begin with credit counseling or education and end with home ownership or a small business loan. For more information, go to www.fnbc.us.
This press release does not constitute an offer or solicitation of interests in the Fund, which will be made only to qualified investors pursuant to the Fund’s offering documents. Nothing contained in this press release should be relied upon as a promise or representation as to the future performance of the Fund. No representation or warranty is made as to the accuracy of statements, estimates, targets, and/or projections herein, nor as to the ultimate success of the Fund or the external conditions and circumstances under which the Fund will operate. Prospective investors must not rely upon any matters in this release. The activities undertaken by the Fund may differ from those described above due to unexpected external circumstances or otherwise. Moreover, past performance is not a guarantee of future performance.
Certain statements made in this release include “forward-looking statements.” which can be identified by the use of forward-looking terminology such as “may,” or “will.” They are subject to many inherent limitations, including business, economic and competitive uncertainties, and contingencies, many of which are beyond control, and which may or may not prove to be correct. These forward-looking statements are not predictions of future performance, conditions or results, and are inherently uncertain and subject to numerous risks, many of which are outside the Fund’s and its advisors’ control. There is no obligation to update or revise any such forward-looking statements. Further, such statements of “opinion” should not be construed as a material statement of fact.
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