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| Additional information |
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| Neighborhood National Bank (NNB) |
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Mission statement:
* To provide to underserved communities financial products and services that help customers build wealth through personal, loans to businesses and savings and investment by all customers.
* To provide a working environment where employees can expand professionally and will be rewarded for achievement.
* To provide our shareholders a fair return on their investment, balanced with the Bank’s need to provide service to the community |
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Overview:
Since inception, Neighborhood National Bank has become an established and recognized leader in providing banking products and services to small businesses in underserved and economically disadvantaged communities of San Diego. We attribute our success to the high level of service we provide and our willingness to finance smaller deals. NNB operates with an emphasis on providing services for low-moderate income customers in the bank’s service area (including both deposit and loan services). In addition, NNB has an emphasis on serving small businesses throughout San Diego, particularly minority and women-owned businesses along with providing job opportunities for low-moderate income wage earners. |
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History:
The founder of Neighborhood Bancorp (Bancorp) and Neighborhood National Bank (NNB) and current Chairman and CEO, Robert M. McGill, envisioned a bank that would provide basic banking services to the hardworking, underserved citizens of San Diego; channel funds into affordable housing and small businesses; and serve as an economic pillar for the community. The original target market was an area within the City of San Diego, generally located in the Southeast quadrant of the City, bordered by Interstate 5 on the west, Interstate 94 on the north and the San Diego City limits on the south and east. Later NNB expanded to include Mid-City, Central and Southeast San Diego City as well as the city of National City, Chula Vista, Lemon Grove, El Cajon and the areas of Spring Valley and Rancho San Diego.
Bancorp was incorporated on August 18, 1992, as a California corporation, in response to a San Diego City and County Reinvestment Task Force study that documented a pattern among financial institutions of under_serving certain communities. Bancorp was formed as a holding company to organize a community development bank to serve the Southeastern quadrant of San Diego and expand the availability of affordable housing in San Diego County. To meet these goals, Bancorp formed a nonprofit 501c3 affiliate, developed a structure for an affordable housing fund, provided consulting support to affordable housing developers and pension funds interested in financing affordable housing, and organized the Bank.
NNB opened on September 17, 1997. Since inception, NNB has become an established and recognized leader in providing banking products and services to small businesses in underserved and economically disadvantaged communities in San Diego. We attribute our success to the high level of service we provide and our willingness to finance smaller deals.
NNB operates with an emphasis on providing services to:
* Low to moderate-income customers in the Bank’s service area (including both deposit and loan services);
* Small businesses throughout San Diego County with an emphasis on minority and women owned businesses and those businesses providing job opportunities to low to moderate-income wage earners;
* Mortgage borrowers with an emphasis on low to moderate-income and first-time home buyers.
Currently there are 221 census tracts in our target market that include: the City of San Diego communities of Central San Diego, Mid-City San Diego, Southeast San Diego, and the cities of National City, Chula Vista, Lemon Grove, El Cajon, and the areas of Spring Valley and Rancho San Diego.
Of the 221 census tracts in our target market, 51% are designated as low and moderate income based on the 2000 census data, 36% are middle income and 13% are upper income. However, NNB’s lending market is not limited to only this target market, but encompasses all of San Diego County.
The Bank’s primary regulator, the Office of the Comptroller of the Currency (OCC) during a recent examination noted that:
* 66% of all businesses in the Bank's primary service area are considered to be “small businesses” having gross annual revenues of $1,000,000 or less
* 79% of the commercial loans granted by NNB (in terms of number of loans and dollar volume) were made to such small businesses.
NNB has also become a significant lender to small businesses within San Diego County. We provide consumer lending products and deposit programs in areas that have been under served for a number of years. |
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