Mission Banking

City First Bank is focused on building the economic health of underserved communities in the Washington, DC area. But we recognize that you have a mission too and so we offer an array of products targeted towards qualified non-profit and mission-related entities.

Mission Checking

Mission Checking is City First’s way of recognizing that you may have a mission too. We offer both our Smart Business Checking and Analysis Business Checking products to non-profits at reduced fees, lower minimum balances or higher earnings credits. City First is committed to helping improve the economic health of underserved communities in the Washington, DC area, but we cannot do it alone. Come in and talk with us about how your deposit can be put to work in the communities we both serve, while being banked safely. We can work together to reach our respective missions.

Mission Interest Checking

Mission Interest Checking is an interest-bearing account for qualified non-profit organizations offering higher interest rates, reduced fees, or lower minimum balances. City First is committed to helping improve the economic health of underserved communities in the Washington, DC area, but we recognize that you have a mission too. Come in and talk with us about how your deposits can be put to work in the communities we both serve, while safely being banked at competitive rates. We can work together to reach our respective missions.

Benefits of Mission Interest Checking

No monthly maintenance fee with minimum balance requirement
Premium rate of interest* credited monthly
Free First Business Online internet banking, including PayFirst online bill payment, and online statements
Satisfaction of knowing your money is at work in our community even while it is safely banked

Interest on Lawyer Trust Accounts (IOLTA) Checking

Interest on Lawyer Trust Accounts (IOLTA) Checking is an interest-bearing trust account in which law firms and settlement companies are required by DC law to place client funds, such as fee advances or settlements for multiple clients who would usually not be eligible to receive interest. Participating banks agree to pay interest on the amount in these accounts to the DC Bar Foundation, which in turn, distributes the funds to legal aid offices in the District of Columbia. Legal aid exists to provide competent legal representation to the homeless, elderly, foster children, immigrants, and working poor – those desperately in need of legal services, but unable to afford them. IOLTA is essential to funding these services. City First is committed to match the highest IOLTA interest payments in DC – netting maximum benefit for Legal Aid. City First is classified as a preferred bank under the DC Bar Association IOLTA Preferred Bank Initiative.

Mission Money Market Accounts

Mission Money Market Accounts are City First’s way of recognizing that your mission is as important too. We offer a premium rate on high balance money market accounts to qualified non-profit organizations. It is a safe and secure way to get a competitive rate of return on your excess funds while keeping them liquid and accessible.

Benefits of Mission Money Market Accounts

No monthly maintenance fee with minimum balance requirement
Competitive, tiered interest rates* – the more you save, the more you earn
No maturity dates
Limited check-writing
Unlimited deposits, transfers, and withdrawals made in person or by mail
Up to six pre-authorized transfers, including phone, overdraft, computer transfers, or ATM transactions each month
Free First Business Online internet banking, including PayFirst online bill payment, and online statements

Money Market Sweep

Money Market Sweep is an automated cash management tool that helps you maximize your earnings. Daily, this account automatically sweeps excess funds over a specified balance from your commercial checking account into a money market savings account, allowing you to make the most of your funds while maintaining your liquidity. This is a smart choice for businesses whose account balances typically significantly exceed their daily operating expenses.

Benefits of Money Market Sweep Accounts

No monthly maintenance fee with minimum balance requirement
Competitive, tiered interest rates* – the more you save, the more you earn
Immediate access to funds – funds are swept back into your commercial checking account to pay checks presented and replenish target balance
Up to six transfers per month from your money market savings account to your commercial checking account, in compliance with federal regulations.
Free First Business Online internet banking, including PayFirst online bill payment, and online statements
Monthly reports summarizing daily transfer activity and interest earned
Reduces your time spent transferring idle cash to and from higher yielding investment accounts
Satisfaction of knowing your money is at work in our community even while it is safely banked

Certificates of Deposit (CDs)

Certificates of Deposit (CDs) offer competitive fixed interest rates that are higher than typical savings accounts. Terms ranging from three months to five years allow you to choose the term that is right for you. This type of account is best suited for businesses that have funds on hand that aren’t immediately needed.

Fixed Rate CD gives you a guaranteed rate of interest for the term you select.

Automatically renewable CDs with maturities ranging from three months to five years with a minimum deposit of $500
Earn higher jumbo CD rates on deposits of $100,000 or more

CDARS®

CDARS® is a great way to help us fulfill our mission of building the economic health of underserved communities in the Washington, DC area. City First will put your deposit to work where it is needed most and you can take advantage of the double bottom line – the satisfaction of knowing you are growing your own investment while helping to develop DC’s underserved communities. With CDARS, you can deposit up to $50 million with full FDIC insurance coverage.

Benefits of CDARS Accounts

Safety of full FDIC insurance coverage up to $50 million per depositor
No need to spend time managing multiple banking relationships as you have the convenience of working with one bank
One Bank, one statement, one 1099 tax summary
No need to worry about changing collateral values associated with collateralized repurchase agreements.
Superior returns
Satisfaction of knowing your money is at work in our community even while it is safely banked

How Your Deposit Works for the Community

As the city’s first and only bank solely dedicated to community development finance, City First Bank is focused on building the economic health of underserved communities in the Washington, DC area.

We are especially skilled in financing the acquisition and renovation of affordable housing, providing loan facilities and working capital for nonprofits and faith based social service organizations and providing loans to small business owners. Through our New Market Tax Credit (NMTC) program, City First has provided financing to several large community facilities in Washington, DC, including:

the Atlas Theatre for the Performing Arts on the H Street corridor in NE;
THEARC on Mississippi Avenue, SE in Congress Heights;
the Tivoli Theatre in Columbia Heights; and
the Thurgood Marshall Academy Public Charter School on Martin Luther King Jr. Avenue in Anacostia.

While it's banked with us, City First will put your deposit to work where it's needed most. Take advantage of the double bottom line - the satisfaction of knowing you're growing your own investment while helping to develop DC's underserved communities.

Funds on deposit are combined with other accounts of the same depositor and insured by the FDIC up to $100,000.

* Rates subject to change