ARLINGTON, Va.–The National Cooperative Bank said it has closed a $2.5 million subordinated debt loan to Encurage Financial Network Credit Union in Chicago.
According to the NCB the subordinated debt loan will be used to enhance the 13,500-member credit union’s website, mobile app, and online member enrollment platform along with an investment in a new suite of business products to expand the credit union membership.
“NCB is proud to work with EFNCU to provide the capital needed to enhance their members’ experience and expand their product offerings for business growth,” NCB SVP Benjamin Rempe said in a statement.
Added President and CEO Michael T. Abraham, “We couldn’t be more thankful for NCB’s partnership throughout the process. This investment will allow us to support our recent growth by making critical investments in infrastructure to improve and expand service delivery to our members in the channel that they prefer.”
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