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National City to invest $2 million with local CDFI bank; council cites community benefits and small yield tradeoff
Summary
Council unanimously approved placing $2 million with Neighborhood National Bank (a CDFI) through CDARS to keep city funds local and support small business lending, after staff and the bank described expected yields (around 3.77–3.98% APY) and community reinvestment plans; council asked staff to verify investment policy conflict checks.
The National City Council unanimously approved a staff recommendation to invest $2 million with Neighborhood National Bank through the Certificate of Deposit Account Registry Service (CDARS) program on Jan. 14, citing the community‑development bank’s CDFI mission and plans to redeploy funds into local loans and grants.
Scott Andrews, the bank president, told the council the bank will…
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