US National Cooperative Bank reports $1.65bn in new loan originations for 2021

Some of the funding provided went to co-operatives

The National Cooperative Bank originated US$1.65bn (£1.22bn) in new loan originations for 2021, the bank reported in a statement.

NCB provides banking and financial services with a special focus on co-operative expansion and economic development. 

Part of the funding provided went to housing cooperatives, community associations, and other commercial real estate projects across the country, for which NCB’s Real Estate Line of Business originated $1.17 billion in financing.

Another $274 million worth of loans were originated by NCB’s retail team for 914 individual unit owners.

Co-ops were also supported by the bank, whose Commercial Lines of Business originated $203m to co-op organisations and small businesses nationwide.

“NCB had another strong year in loan volume across all of our segments”, stated Casey Fannon, Acting CEO and President of National Cooperative Bank. “In this low-interest-rate environment, NCB was able to deliver great loan rates and creative structures that drove our high level of production. In addition, we continued to serve our customers with PPP loans to help support their business during uncertain times.”