Community Reinvestment Commitment of Northeast Bank
Northeast Bank is committed to serving the credit needs of the communities in which we do business. It is our policy to respond to all creditworthy segments of our market. We believe that doing so is a good business practice and essential to the Bank's long-term vitality.
In pursuing this commitment, we will ensure that we comply with the letter and spirit of the Community Reinvestment Act (CRA). We recognize that this requires us to take a proactive approach to determining and meeting community needs, including those of creditworthy low and moderate income areas and individuals.
Northeast Bank has offices in Minneapolis, Columbia Heights, and Coon Rapids and defines its local community as all of Hennepin and Anoka counties, encompassing full census tracts where necessary.
Corporate Community Reinvestment Act Policy
We wish to operate the Bank profitably and to maintain a base from which increased earnings can be realized in the future. We are limited by the factors of liquidity, risk, flexibility, and customer considerations.
The Board of Directors and senior management of Northeast Bank recognize the need for commitment to the spirit and letter of the Community Reinvestment Act (CRA). The Board of Directors has appointed a CRA Committee to implement and review CRA-related activities. The Board of Directors also reviews and approves the CRA Policy on an annual basis.
Ascertainment of Community Needs
As a corporate citizen and leader in the business community, Northeast Bank has a consistent and ongoing practice of outreach to determine the needs of the local community.
Officers of the Bank are expected to call on businesses to promote bank products and services and determine community needs.
Management of the Bank is kept informed of the credit needs of the community through personal association with organizations. Members of the Board of Directors and Officers of the Bank are involved in the following organizations:
Please click below to view some of the organizations Northeast Bank has partnered with.
- American Bankers Association
- American Craft Council
- American Refugee Committee
- Angels of Mercy/Noah's Ark
- Anoka Area Chamber of Commerce
- Anoka County Community Action Program
- Anoka County United
- Anoka Hennepin Technical College Foundation
- Anoka Ramsey Community College
- Ballet of the Dolls / The Ritz Theater
- Camilia Rose Foundation
- Catholic Eldercare
- City of Brooklyn Park
- City of Coon Rapids – Business Retention and Expansion Leadership Committee (BRE)
- Columbia Academy
- Columbia Heights Business Council
- Columbia Heights Independent School District #13
- Community Involvement Program
- Community Solutions for Africa's Development (COSAD)
- Connexus Energy
- Coon Rapids Rotary
- Crest View Foundation
- DeLaSalle High School
- East Minneapolis Exchange Club
- East Side Meals on Wheels
- East Side Neighborhood Services, Inc.
- Emma B. Howe YMCA
- Epiphany Parish and School
- Falcon Heights City Council and Planning Commission
- Feed My Starving Children
- First Lutheran Church Garden Committee
- Friends of Ramsey County Libraries
- Girl Scouts of the Minnesota & Wisconsin River Valleys
- Graduate School of Banking - Colorado
- Greater Metropolitan Housing Corporation
- Greater Minneapolis Chamber of Commerce
- Greater Twin Cities United Way
- Habitat for Humanity
- Hamline University
- Heifer Project
- Hennepin County Human Resources Board
- Holy Cross Church
- Junior Achievement
- Knights of Columbus Fundraising
- Mary Tjosvold Nursery & Primary School
- Mercy and Unity Hospitals Foundation
- Metro North Chamber of Commerce
- Minneapolis Children's Hospital Cleft Palate Clinic
- Minneapolis Economic Development Company
- Minnesota Bankers Association
- Minnesota Brain Injury Alliance
- Minnesota Business Venture
- Minnesota Commercial Real Estate Women (MNCREW)
- Minnesota Continuing Legal Education
- Minnesota Donated Dental Association
- Minnesota Department of Employee and Economic Rights
- Minnesota Department of Human Rights
- Minnesota Medical Foundation
- Minnesota Off-Road Cyclists
- Minnesota Pilot Program — Minnesota Battered Women
- Minnesota Stroke Association
- Minnesota Women Lawyers
- Mount Carmel Lutheran Church
- National Association of Women Business Owners (NAWBO)
- Neighborhood HealthSource
- Nonprofits Assistance Fund
- North Community YMCA
- North Metro Human Resources Board
- Northeast Community Development Corporation
- Northeast Economic Development Corporation
- Northeast Minneapolis Arts Association
- Northeast Minneapolis Chamber of Commerce
- Northeast Minneapolis Kiwanis
- Northern Star Council — Three Rivers District
- Northside Achievement Zone
- Prince of Peace Lutheran Church of Brooklyn Park
- Prodeo Academy
- Ramsey Rotary
- Rasmussen Center for Cardiovascular Disease Prevention
- RISE, Inc.
- Roseville Rotary
- Salvation Army
- School District 623
- Southern Anoka County Assistance (SACA)
- St. Helena Church & School
- Twin Cities North Chamber of Commerce
- Urban Homeworks
- University of Minnesota – College CEHD
- University of Minnesota – International Board
- University of Minnesota Center Cleft Palate Clinics
- University of Minnesota Heart Campaign Advisory Committee
- Volunteers of America
- VOSH (Volunteer Optometric Services to Humanity)
- Waite Park Elementary School
- Walter C. Rasmussen—Northeast Bank Foundation
Officers also maintain a continuing liaison with the Housing and Redevelopment Authorities of the cities of Minneapolis, Columbia Heights, Fridley, Blaine, and Coon Rapids.
Outreach and Marketing Programs
The Marketing Committee oversees development and implementation of a marketing plan to reach all groups in the community. The marketing plan is achieved through advertising in local community newspapers and through participation in community events. For small business lending, officers maintain an ongoing schedule of calls to area businesses and participate in community business events.
Credit Offered By Northeast Bank
All loans are offered in a manner that is consistent with safe and sound banking practices. The Bank does not discriminate against credit applications on the basis of race, color, religion, national origin, disability, sex, marital status, sexual orientation, familial status (having children under the age of 18), age (provided the applicant has the capacity to enter into a binding contract), or because all or part of the applicant's income is derived from public assistance programs or because the applicant resides in, or is affiliated with, what is considered to be a low or moderate income area.
A few examples of our community development lending are:
- Tax exempt bond financing
- Partnering with local municipalities for down payment or capital assistance
- Utilization of SBA programs including but not limited to: 504, 7a and Patriot Express
- The Minneapolis Community Planning and Economic Development Agency (CPED) partners with Northeast Bank to provide financing for land, buildings, production equipment, renovation, and working capital.
Northeast Bank offers a range of deposit products.
We have structured a checking and savings account specifically to meet the basic banking needs of our low income customers as follows:
- Our lifeline checking account has no minimum balance requirement with no more than 6 debits to the account during a statement cycle. If balance falls below $200 and more than 6 debits occur during the statement cycle, regular fees will apply.
- Our savings account has a $50 minimum balance requirement to avoid a maintenance fee.
National Jefferson Award Winner for Community Service
In 2013 Northeast Bank was honored to receive a National Jefferson Award for our community service. The American Institute of Public Service established the Jefferson Awards as a Noble Prize for community and public service. We received this award for the significant contribution that our staff of only 83 full-time equivalents and our officers and directors made to the community. In 2011, board members, officers and employees logged almost 4,000 volunteer hours as members of organizations, supporters of community projects and volunteers at events. In addition, the bank's board members and officers are affiliated with more than 50 local, nonprofit organizations.