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National Cooperative Bank

From Alfawiki
National Cooperative Bank
Company typeCongress-chartered cooperative bank
IndustryBanking, Financial services
Founded1978
Area served
United States
ProductsFinancial products and services tailored to cooperatives, their members, and social organizations

The National Cooperative Bank operates as a congressionally chartered cooperative bank formed under the National Consumer Cooperative Bank Act of 1978 (Pub.L. 95-351). It delivers financial products and services tailored to cooperatives, their members, and social organizations across the United States.

Established to address the needs of a traditionally underserved sector, NCB champions the interests of American cooperatives and their members, with a particular emphasis on communities facing economic hardships. The institution prioritizes community development through cooperative principles, facilitating access to affordable housing and healthcare services.

In 2014, Capital Impact Partners, previously NCB’s non-profit community development financial institution subsidiary, transitioned into an independent entity.

Board of Directors

A 15-member Board of Directors oversees the Bank, with members serving three-year terms. Twelve directors are elected by holders of class B and C stock, while three are appointed by the President and confirmed by the Senate. These presidential appointees include one representing small business operators in manufacturing or retail sectors; one from U.S. government agencies; and one possessing significant cooperative experience to represent low-income cooperatives eligible for NCB financing.

Directors remain in their roles until successors are designated. Presidential appointees may be removed by the President for cause.

Each year, the board elects among its members a chairman and vice chairman and appoints a secretary, who is not required to be a board member.

Board members appointed by the President

As of December 22, 2024, the President-appointed directors are:

Name Group Confirmed Term expires
Template:Sortname Small business manufacturers or retailers
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Vacant Officers of U.S. agencies and departments
Vacant Experience representing low-income cooperatives