Employee Nadirah Jones at event table
In our efforts to continue our growth as a secure financial provider and our meaningful impact on our neighborhoods, we have sought opportunities that are not only sound decisions, but honest people-minded approaches to being an authentic community bank. In doing so, we are dedicated to fulfilling the stewardship legacy of our founders along with transcending community development by knocking down barriers to capital for small & midsize businesses and nonprofit organizations, and home financing for families.
Providing faith-focused/nonprofit lending means greater and new opportunities for community engagement, outlets and beneficial programs for all ages.
Over $103 million in lending to grant-making, civic, family & social services organizations, religious organizations and schools & education service organizations.
Through home lending we see many first-time buyers and buyers in neighborhoods that are seeing new growth. In addition, families are taking advantage of the equity in their homes to better their lives.
We originated over $30 million in mortgages and home equity loans/lines of credit in 2023.
To support small business owners and nonprofit organizations in low- to moderate-income communities, we actively engage in lending and economic development opportunities that deliver needed capital, inspire continued success and ultimately help our neighborhoods thrive.
Over $32 million in community development lending to low- and moderate-income communities at year ending 2023.
We work together with community development organizations and leaders in our neighborhoods to forge opportunities for job creation, business growth, family strength, home ownership and overall inclusion and wellness in our communities.
Over $12 million in community development investments, capital funds and donations supporting important development organizations in the neighborhoods we serve.
Counseling community members in the neighborhoods we serve in learning key financial planning skills and further developing healthy monetary habits. These seminars help transform individuals to take charge of their personal finances and have strong and long-lasting financial well-being.
Participated in 108 Financial Related Service Activities in 2023.
In addition to investing deposits in our neighborhoods, our #stewardstrong initiatives include The Providence Bank & Trust Stewardship Program. Through it 10% of the Bank’s profits are donated annually to support the important work of local civic, nonprofit and Christian organizations.
Over $12.3 million has been donated in the past 19 years through our Stewardship Program.
Stewardship is so much more than financial giving. It’s about investing our heart, time and resources into our local businesses and families so they can take advantage of opportunities and realize their potential.
As active stewards, we volunteered a total of 635 hours in 2023 – supporting 56 nonprofits, serving over 74,000 individuals and participating in 180 volunteer activities.
STATE OF ILLINOIS COMMUNITY REINVESTMENT ACT NOTICE
Under the Illinois Community Reinvestment Act (ILCRA), the Secretary of the Department of Financial and Professional Regulation (Secretary) evaluates our record of helping to meet the credit needs of this community consistent with safe and sound operations. The Secretary also takes this record into account when deciding on certain applications submitted by us.
Your involvement is encouraged.
You are entitled to certain information about our operations and our performance under the ILCRA, including, for example, information about our branches, such as their location and services provided at them; the public section of our most recent ILCRA Performance Evaluation, prepared by the Secretary; and comments received from the public relating to our performance in helping to meet community credit needs, as well as our responses to those comments. You may review this information today.
At least 30 days before the beginning of each quarter, the Secretary publishes a list of the banks that are scheduled for ILCRA examination in that quarter. This list is available from the Secretary at 320 West Washing Street, 3rd Floor Springfield, IL 62786 and 555 West Monroe Street, Suite 500 Chicago, IL 60661. You may send written comments about our performance in helping to meet community credit needs to Nicholl Doggett, AVP Consumer/Residential Loan Operations & CRA Officer, PO Box 706, South Holland, IL 60473, and Secretary. You may also submit comments electronically through the Department’s Web site at https://idfpr.illinois.gov/admin/cra.html . Your letter, together with any response by us, will be considered by the Secretary in evaluating our ILCRA performance and may be made public.
You may ask to look at any comments received by the Secretary. You may also request from the Secretary an announcement of our applications covered by the ILCRA filed with the Secretary.
We are an affiliate of Providence Financial Corporation, a bank holding company. You may request from the Vice President – Compliance/CRA Examination Department, Federal Reserve Bank of Chicago, 230 S. LaSalle, Chicago, Illinois 60604, an announcement of applications covered by the ILCRA filed by bank holding companies.
