Albina Bank

Opened in 1995, Albina Community Bank is a social impact bank that was one of the first to support the Sustainable Business Network of Portland. The bank is a locally-owned, full-service, commercial banking institution committed to keeping money in the local economy. It's also the only commercial bank in the Pacific Northwest certified as a Community Development Fund Institution (CDFI). With five branches throughout Portland, Albina Community Bank offers a full range of banking products and services, while devoting a significant portion of the bank's resources to community development work.

We spoke with Mary Edmeades, vice president and manager of social impact banking in the Pearl District, in August 2009. “Every piece of money that is deposited, every loan that we make -- it all stays within this community” said Edmeades. “It’s something we’re really proud of.” 

Albina’s commitment to community development work has paid off at a time when community banks have been under heavy pressure. Community banks typically derive a large portion of their revenues from real estate lending, which has declined sharply since 2008.

According to a recent Albina press release, Albina Community Bank was awarded another $216,547 Bank Enterprise Award in August 2009 by the U.S. Treasury’s Community Development Financial Institution Fund (CDFI) for it’s community development work in 2008. The BEA Program provides financial incentives to banks and thrifts to increase lending, investment, and service activities within economically distressed communities. “The BEA Award recognizes Albina's work in Portland's census tracts where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is 1.5 times above the national average” said CDFI Fund Director Donna J. Gambrell of the award. To date, Albina has received more than $4.8 million in BEA awards from the U.S. Treasury.

Albina has also been an avid supporter of the arts, and helping local, undiscovered artists is a high priority at the Pearl District branch. “Portland is just jammed with very talented individuals who would never get an opportunity to have their work displayed” said Edmeades, “so we entice them to come and showcase their art."  Having a prominent place to show their work has resulted in ongoing work, commissions, and recognition for many of these artists who include painters, welders, jewelry crafters, candle makers, and even architects.

When it comes First Thursdays, Albina uses the event as a way to bring attention to the work of the new artists, most of whom have never had a chance to show in such a prominent location. Staff at the bank’s Pearl  District branch stay overtime to host the open-house each month, offering free food and drinks to passers-by, alongside the artists themselves who come to answer questions about their work to anyone with interest.

Edmeades pointed out that being a values-based business has been one of the most important factors of Albina's success. "There are people who really want to do business with each other" said Edmeades. “We really want to partner with like-minded organizations who are trying to do the right thing, make an honest living, sell honest products, and really create their own spirit of community.”