The community development banks are extremely important in the modern economic context. These banks are supposed to provide convenient and comprehensive financial services to the residents of the place where they are situated.
Economic Importance of Community Development Banks
The community development banks have an important role to play in the economic context. They are created for the purpose of helping the economic development of the area where they operate.
The main focus of the community development banks is on the areas where the range of income of the residents can be classified as being low or medium.
Targeted Client Group of Community Development Banks
The community development banks mainly look to provide financial services to those people who come from areas, which are not provided with proper economic facilities.
ShoreBank is one of the most well known community development banks of the world. Its head offices are located at South Shore in Chicago. It is also one of the biggest as well as oldest community development banks of the world.
ShoreBank provides its community banking services through ShoreBank Corporation, which is its parent company. ShoreBank runs a number of community development banks in different cities of the United States of America.
Grameen Bank is located in Bangladesh. It is amongst the most renowned community development banks of the world. It was incorporated by Nobel laureate Muhammad Yunus along with advices from ShoreBank.
Grameen Bank received the Nobel Prize along with its founder in the year 2006 for its excellent community banking services in Bangladesh.
Some other well-known community development banks are:
Albina Community Bank
Liberty Bank & Trust
Carver Federal Savings Bank
Louisville Community Development Bank
Central Bank of Kansas City
Neighborhood National Bank
City First Bank of D.C.
Dryades Savings Bank
University National Bank
Hope Community Credit Union
Last Updated on : 1st July 2013