ALBINA COMMUNITY BANCORP
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Albina Community Bancorp is a publicly traded firm which operates as the bank holding company of Albina Community Bank, a community development commercial bank. It was founded in 1993 and has a registered head office in Portland, Oregon.
As a bank holding company, Albina Community Bancorp operates and manages its banks, long-term credit banks, specialized securities companies and other companies which it owns by law as its subsidiaries. Moreover, it also has active interests in business appertaining to the management and operation of such companies. One of its major subsidiaries is Albina Community Bank, which offers lending programs that are focused on residential loans for acquisition, rehabilitation, and home improvement, including federally guaranteed loans. Albina Community Bank also has active interests in providing commercial loans to small businesses, such as inventory and working capital financing, and loans guaranteed by the federal Small Business Administration.
Albina Community Bancorp’s goal is to contribute to and maintain a constantly thriving community while acting as a viable and accessible financial resource to its clients.
Bank Holding & Holding Company
Description and history
Organization and nature of operations Albina Community Bancorp (Albina) was incorporated on August 18, 1993, as an Oregon bank holding company.
Albina has two wholly-owned subsidiaries: Albina Community Bank and Albina Development Company, LLC. Albina Community Bank (the Bank), is a state chartered commercial bank and is a qualified Community Development Financial Institution (CDFI). The Bank is a full-service commercial bank, offering traditional loan and deposit products to businesses in the greater Portland metropolitan area. The Bank focuses on serving minority and women-owned businesses, and nonprofit organizations. The Bank also serves developers
of affordable housing and commercial properties, as well as low-to-moderate income individuals.
Albina Development Company, LLC (ADC) is a singlemember LLC that was formed August 12, 2005, for the purpose of organizing and managing qualified Community Reinvestment Act Investment Funds. This subsidiary had no activity during 2005. On March 7, 2003, Albina formed Albina Statutory Trust I (AST’I), and on May 5, 2004, formed Albina Statutory Trust II (AST’II). Both are wholly-owned Connecticut statutory business trusts, formed for the purpose of issuing guaranteed undivided beneficial interests in
fixed/floating rate Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities). During March 2003, AST I issued $4 million in Trust Preferred Securities and during May 2004, AST’II issued $2 million in Trust Preferred Securities. Albina used the
proceeds from the Trust Preferred Securities’ offerings to redeem Series C Preferred stock, redeem subordinated debentures, retire other debt, and fund continued growth of the Bank. In accordance with FIN 46R, ‘Consolidation of Variable Interest Entities,’ both of these trusts are excluded from Albina’s consolidated financial statements because Albina is not the primary beneficiary.
Substantially all activity of Albina is conducted through the Bank, which along with Albina, is subject to the regulations of certain federal and state agencies, undergoing periodic examinations by those regulatory authorities.
Operates as the bank holding company of Albina Community Bank, a community development commercial bank
ALBINA COMMUNITY BANK
US SIC Code
NE Martin Luther King, Jr. Blvd, 2002
City province or state postal code
97212, PORTLAND, OR
Phone: 1 503 288 72 90
Fax: 1 503 287 04 47
Country address: UNITED STATES OF AMERICA
Website url: www.albinabank.com