MUSCLE SHOALS, Ala.–Listerhill Credit Union here has received a $5 million subordinated debt loan from National Cooperative Bank (NCB).
According to the Arlington, Va.-based bank, the subordinated debt provided by NCB will be used to support Listerhill’s expansion of lending and “innovative financial programs to empower members” of all income levels in the communities it serves.
“We sincerely appreciate NCB’s support in our subordinated debt issuance for the purpose of secondary capital on our balance sheet,” said President CEO Brad Green. “The increase in our net worth will facilitate expansion of deposit and lending services to so many existing and potential members in our field of membership.”
The $1.329-billion Listerhill CU has approximately 93,000 members. It posted net income of $1.798 million and net worth of 9.42% as of March 31.
“NCB is proud to work with Listerhill Credit Union to support their mission of community empowerment by expanding financial resources to their local communities,” NCB SVP Ann Fedorchak added in a statement.
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