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Council places $2 million with Neighborhood National Bank to support local lending
Summary
Council approved placing $2,000,000 in CDARS CDs at Neighborhood National Bank (a certified community development financial institution) to keep city deposits local and help seed lending for small businesses and low‑ and moderate‑income borrowers; staff noted slightly lower yields than county pool but cited community reinvestment benefits.
The council voted unanimously to authorize a $2 million placement with Neighborhood National Bank, a Community Development Financial Institution (CDFI) that is relocating its headquarters to National City. Staff presented the placement as an eligible investment under the city’s policy (CDARS product) and…
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