MDI CRA CD
Special Product for Bankers Only
Valuable CRA CREDIT
SAFE & SECURE – FDIC Insured
You can earn valuable CRA credit. It’s simple, just open a FDIC insured deposit account with American Metro Bank (AMB) where you may earn a competitive interest rate and obtain valuable CRA credit.
AMB is one-of-six Minority Depository Institutions (MDI) in the State of Illinois. Your insured financial institution may earn CRA credit by maintaining deposit accounts at MDI’s, such as AMB. Furthermore, the MDI’s do not have to operate within your market area. Please see the FDIC’s Financial Institution Letter FIL-64-2017, or excerpts herein, for additional details and information.
MDI CRA CD Product
Interest Rate: negotiable
Term: minimum of 12 months
Minimum balance requirement: $225,000
Eligible for CRA Credit
* A penalty may be imposed for early withdrawal
AMB is a small community bank operating in the Chinatown and Uptown neighborhoods in Chicago. We continue to have strong loan demand from the communities we serve. Your support would help us continue our mission in serving our communities while providing valuable CRA credit to your bank.
If interested in establishing an account, or learning more about the MDI program, please call Todd Grayson at 773-328-5031 or Steve Pokrak at 773-328-5030.
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Excerpts from: FDIC FIL-64-2017
- Insured depository institutions, whether an MDI or non-MDI, may realize business and regulatory benefits from partnering and forming collaborative relationships with MDIs.
- Collaboration among MDIs or between MDIs and non-MDIs can provide viable options for sound and profitable lending and investments that meet the needs of underserved communities.
- Non-MDIs or other MDIs may place deposits directly with an MDI, make a direct capital investment in an MDI, or participate in a fund that makes direct investments in an MDI.
- Institutions engaging in collaborative activities and partnerships with MDIs may receive Community Reinvestment Act (CRA) consideration for such activities.
- Collaboration among MDIs, or between MDIs and non-MDIs, can result in sound and profitable lending and investments that meet the needs of underserved communities.
- There are a variety of activities regarding which non-MDIs and other MDIs may collaborate with an MDI. These activities could include, but are not limited to, the following:
- Direct investment in an MDI;
- Loan participations, other lending arrangements, and sharing of loan servicing;
- Sharing of bank staff and other resources; and
- Information networking.
4878 N Broadway St, Chicago, IL 60640
773.769.6868
*Visit FDIC Website for the full Financial Institute Letter FIL-64-2017 .
