Locus Bank Receives Bank Enterprise Award from CDFI Fund

Locus Bank has received a $280,728 Bank Enterprise Award from the U.S. Department of the Treasury's CDFI Fund, recognizing the bank's increased lending and investment in underserved communities.

The Bank Enterprise Award Program, or BEA Program, encourages FDIC-insured banks to increase their support of CDFIs and expand lending and investment in economically distressed communities.

For Locus, the award recognizes growth in lending and investment in communities where access to capital can be more limited. It reflects the work already happening across our portfolio while also providing additional resources to reinvest in more borrowers and communities moving forward.

Of the total award, $70,182 will be deployed in Persistent Poverty Counties, extending that investment into communities that have experienced sustained economic challenges.

"We are grateful to the CDFI Fund for this recognition and for the opportunity to build on the work already happening in the communities we serve. Awards like this help create more room to keep investing in people, businesses and places that are often overlooked, advancing economic prosperity, expanding opportunity and strengthening communities for the long term," says Pravina Raghavan, President and CEO of Locus.

The BEA award builds on Locus Bank's broader community development work. Earlier this year, Locus earned its third consecutive "Outstanding" Community Reinvestment Act rating, the Federal Reserve Board's highest designation. That evaluation recognized hundreds of millions of dollars in community development lending, alongside qualified investments and community development service.

Together, these recognitions reflect an ongoing focus on putting capital to work where it can expand opportunity and strengthen communities.

Learn more about the CDFI Fund's Bank Enterprise Award Program.