September 28. 2005
Page B2
Small Bank Looks to Make Big Impact
to be very mindful of both the safety
and soundness of how we operate, but
also provide a decent return to support
growth and the operation of the bank,”
McKean said.
Albina is full-service bank, which
provides affordable financial services
for the “economically undeserved.”
“W e’re very clear about our mis
sion,” said McKean. “When the bank
was first founded, the original mission
was to accelerate the redevelopment of
north and northeast Portland while
working to ensure that low and middle
income persons and small businesses
share in that economic upturn.”
In 2004 the bank provided nearly $4
million in affordable housing home-
owner loans in the community and
more than $16 million in commercial
loans.
Albina’s employees play another role
in redeveloping the community through
volunteer service. In 2004 the bank’s
48 employees completed 3,423 hours
of service with Junior Achievement,
the Ways to Work Program, the Greater
Portland Urban League and Ethos to
name a few.
The Scholastic Plastic Visa Card Pro
gram generated more than $6,(XX) for
five north and n ortheast P ortland
schools.
“After 30 years in the business this is
the only company that I ’ ve ever worked
for where we talked about whether or
not what w e’re doing is central to the
mission of the bank,” McKean said.
McKean said that the mission is a
constant factor in decisions made when
looking for loans, depositors or what to
do with foreclosed properties.
Albina's board has noticed and re
sponded to a developing trend in the
several of the nation’s economically
disadvantaged minority communities.
“About two years ago our board sat
down and talked through w hat's hap
pening in northeast Portland; there has
been marked gentrification throughout
specific parts o f northeast Portland
over the course o f the last five years.”
Albina Bank
expands
opportunities
by E rika -L eigh G oodwin
T he P ortland O bserver
It is unusual to find a bank whose
goal is the growth of its community.
“As banks go. w e’re pretty weird,”
said President and CEO Robert McKean.
“W e’re one if about 55 certified com
munity development banks in the coun
try.”
The bank’s genesis came from law
suits filed against two of the city’s
major power companies in the late '80s.
Pacific Power and PGE settled the
disputes over failed investments and
nuclear power. PGE chose to provide a
rebate to its ratepayers while Pacific
Power chose another avenue to make
amends.
“Pacific Power wanted to do some
thing that had a little more community
value and a longer lasting effect,”
McKean said.
Pacific Power placed funds in the
Oregon Community Foundation part of
which was allocated to create a sustain
able financial resource in Northeast
Portland.
A committee was charged with de
termining what to do with the resources.
“They were sitting around my
(board) vice chair’s kitchen table talk
ing about what they could do that will
have a lasting value and be a community
resource,” said McKean. “They came
across the concept of community de
velopment banking.”
The Pacific Power grant matched
with dividends from local investors
made AlbinaCommunity Bankareality.
Albina currently has 285 sharehold
ers. With 52 percent of its shareholders
being women or ethnic minorities, the
US Treasury Minority Deposit Pro
gram has certified Albina as a minority
owned bank.
“Because w e’re a bank, by regula
tion we cannot be a nonprofit; we have
photo by
M ark W ashington /T he P ortland O bserver
continued W
on page H8
Albina Community Bank is a minority-owned financial institution headquartered on Northeast Martin Luther King Jr.
Bouelvard.
------ 1 Treasury Fund Helps Disadvantaged
The U.S. Treasury D epart recent award was recognition
ment has aw arded $234,000 to o f the northeast Portland m i
Albina Com m unity Bank for nority bank’s efforts to p ro
com m unity developm ent initia vide critically needed financial
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on page B8