MEDIA ADVISORY

U.S. Treasury Official to Announce $20.1 Million in Awards to Banks for Work in Economically Distressed Communities Nationwide

Eleven Chicago Area Institutions Among National Award Recipients

Washington, DC - Director Donna J. Gambrell of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund will be in Chicago, Illinois on Monday, September 15th to announce the depository institutions from across the nation that have been selected to receive $20.1 million in awards under the fiscal year 2008 round of the Bank Enterprise Award (BEA) Program.

The city of Chicago has been chosen as the site for the national award announcement to not only highlight the eleven Chicago-based awardees, but to focus on the fact that nine of the eleven are minority depository institutions actively working in some of Chicago’s most economically distressed communities.

The awardees were selected after a competitive review of 60 applications received by the CDFI Fund from institutions across the nation that requested more than $49 million in funding under the fiscal year 2008 round of the BEA Program.

The following event is open to the press:

Who
Donna J. Gambrell, Director, CDFI Fund, U.S. Department of the Treasury
Representative of Senator Richard Durbin

What
$20.1 Million National Award Announcement

When
Monday, September 15, 2008 at 10:30 a.m. CDT

Where
Federal Reserve Bank of Chicago
The Illinois Room
230 South LaSalle Street
Chicago, IL 60604

Photo Opportunity
Award Presentation with Chicago Area Institutions

About the BEA Program

The BEA Program was enacted to provide an incentive to FDIC-insured banks and thrifts to increase either their level of support to certified community development financial institutions (CDFIs); increase their provision of loans, investments and financial services in distressed communities, such as opening new savings accounts, providing mortgages or investing in local small businesses; or both. CDFIs are specialized community-based financial institutions that are able to respond to gaps that exist in their local markets.

Through the BEA Program, the CDFI Fund recognizes the key role played by mainstream depository institutions -- banks and thrifts -- in promoting community revitalization through the provision of essential financial services, credit, and investment capital. The BEA Program complements the community development activities of banks and thrifts by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages the CDFI Fund's dollars and puts more capital to work in distressed communities throughout the nation.

For more information on the CDFI Fund and the BEA Program, please visit the BEA webpage.

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[CDFI-2008-41]