‘r,!r')’J iirtlanb (Olismwr M E D W e e k
O ctober 08. 2003
Page B3
Minority Owned Bank on Expansion Track
Albina Community
Bank develops third
office, plans fourth
by L ee P erlman
T he P ortland O bserver
Albina Community Bank, which has helped north
and northeast Portland expand and grow, is doing a
little o f both for itself.
The minority-owned bank is working on develop­
ing its third branch on Northwest 10th Avenue at
Glisan Street, and is considering adding a fourth at
Northeast Sandy Boulevard at 57th Avenue.
The northwest site is slated to open in March,
according to bank president Robert McKean. The
Sandy branch, if it happens, could open next Septem­
ber, he told the Portland Observer.
The bank began in 1995 with an office in the new
Albina Com er building at 2002 N.E. Martin Luther
King Jr. B lvd, and later added a branch in the St. Johns
community at 8040 N. Lombard St.
The newest site is intended to serve the Burnside-
Old Town area. McKean expects the branch will be a
catalyst for financial partnerships between various
public service agencies.
The bank continues its mission o f accelerating
housing and small business development o f north
and northeast Portland, but concerns about the ef­
fects o f gentrification have led to a “clarification o f
that role,” McKean said.
"W e are now concentrating on investments in job-
producing projects that will allow people to continue
to live in this community,” he said.
Albina iso n eo f 33 community development banks
in the country, the only one in Oregon and perhaps
the only one that is predominantly minority-owned,
making it “rather unique,” KcKean said.
McKean took over the presidency o f the bank in
1999. In that time, he has increased total assets from
$30million to $95 million.
“ I was in Spokane when I heard about this oppor­
tunity,” he said. “In my 28 years in the banking field
this has been the most rewarding experience I ’ ve ever
had.”
photo by M ark W ashington /
T he P ortland O bserver
Minority-owned Albina Community
Bank, 2002 N.E. Martin Luther King
Jr. Blvd., is dedicated to investing in
job-producing projects that curb the
displacement of minority populations,
allowing local residents to continue
to live in the community.
A t F a n n ie M a e , w e v a lu e d i v e r s i t y .
T h a t ’ s w h y W e Jf e C o m m i t t e d t o w o r k in g w ith
m i n o r i t y - a n d w o m e n - o w n e d b u s in e s s e s .
D iv e rs ity is a core value at Fannie Mae. That's why w e 're c o m m itte d
to d e v e lo p in g in n o v a tiv e p a rtn e rs h ip s w ith m o re m in o r ity - and
w o m e n -o w n e d businesses.
W h e th e r th e o p p o rtu n ity is in com m ercial goods, pro fe ssio n a l
ft} FannieM ae
w w w .fa n n ie m a e .c o m
s e r v ic e s ,
c o n s u lt in g ,
o r te c h n o lo g y
a c q u is itio n ,
w e 'r e
c o m m itte d to w o rk in g w ith you. Because it's g o o d business
fo r b o th o f us.
To learn m ore a b o u t our M in o rity - and W om en-ow ned Business
P rogram , call us at (202) 752-7236 or w rite us at: Fannie Mae
M in o rity- and W om en-owned Business Program, 4000 W is c o n s in
Avenue, NW m a ilsto p : 2H-4N-05 W ashington, DC 20016-2892.
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