WASHINGTON, DC — At the International Economic Development Council’s (IEDC) 2021 Annual Conference, hosted in Nashville, Tenn., the IEDC Board of Directors came to the decision to invest with Citizens Savings Bank and Trust Company. The decision was made as part of IEDC’s minority financial institutions initiative.
“I am very excited by the decision of the IEDC board to invest with Citizens Savings Bank and Trust, one of the oldest African-American banks in the United States, located in the host community for the IEDC 2021 Annual Conference. Citizens Savings Bank and Trust has a long history of supporting the African-American community in Nashville and their mission aligns with IEDC’s mission of inclusive economic development,” says Courtney Pogue, CEcD, IEDC Board Member and Metro Nashville Director of Economic and Community Development.
Citizens Savings Bank and Trust is a financial institution that provides assistance to low- to moderate-income and minority groups, enabling them to realize their economic dreams. It invests in areas underserved by the traditional banking sector, engaging in lending that supports affordable housing, small businesses and community facilities, and providing technical financial assistance to its customers.
“Catalyzing prosperity for all people in all communities is a core principle of economic development and the IEDC board’s decision to select the Citizens Savings Bank and Trust as one of our institutions for our depository accounts supports this principle,” says Todd Greene, IEDC Chair and Executive Director of WorkRise and Institute fellow at the Urban Institute. “We are proud to support such an historic organization focused on low- and moderate-income populations and committed to giving its communities the opportunity to build, grow, and reinvest wealth.”
“I am extremely proud of IEDC’s decision to support minority-owned and operated banks. Our partnership with the Citizens Savings Bank and Trust is a perfect opportunity to further our mission of promoting equitable economic development in communities everywhere,” adds IEDC President & CEO Nathan Ohle.
IEDC decided to open a certificate of deposit account with the historic organization.
“Additions to our core deposit base are extremely important and we appreciate IEDC’s investment in Citizens Savings Bank,” says Sergio Ora, CEO, Citizens Savings Bank and Trust Company. “Eighty cents of every dollar of deposit fund our consumer, residential and business lending activities. This liquidity provides access to capital for small businesses and first-time homebuyers in our market and strengthens the economy each day.”
The International Economic Development Council (IEDC) is a non-profit, non-partisan membership organization serving economic developers. With more than 4,800 members, IEDC is the largest organization of its kind. When we succeed, our members create high-quality jobs, develop vibrant communities, and improve the quality of life in their regions.
Learn more at iedconline.org.