At City First Bank, we believe transparency builds trust. Whether you’re a new customer, long-time partner, or impact-driven investor, our FAQ section is here to help you navigate our services with confidence. From account details and deposit options to lending programs and community impact, we’ve answered the most common questions so you can bank with clarity and purpose.
Community Development Financial Institutions (CDFIs) serve urban and rural communities that lack access to credit and consumer financial services. Working in partnership with local communities, CDFIs promote revitalization and access to capital among those that are often left out of the economic mainstream – low- and moderate-income communities as well as individuals because of race, ethnicity, recent immigration status or lack of financial sophistication. To be eligible for technical or financial assistance from the government, the U.S. Treasury Department’s CDFI Fund has a review process used to qualify for CDFI certification.
All certified CDFI institutions, both bank and non-bank, must demonstrate that at least 60% of our total lending, services, and other activities benefit low-income communities. While most CDFIs are non-profit, some CDFIs like City First are commercial banks with tighter regulatory controls and FDIC insurance. Bank CDFIs have a primary mission of promoting community development and generally focus on lending for affordable housing, business operations for disadvantaged small companies and non-profit organizations, and real estate lending for community facilities. We are distinct from traditional banks not only because of the focus on lending in low- and moderate-income markets, but also because we make smaller loans with multiple layers of financing and generally can provide more flexible terms and conditions.
For more information on our certifications, designations and affiliations see our Impact Network.
Yes. We are a for-profit bank and we reinvest our profits in community development. As a bank, an important source of the funding needed to meet our mission comes from deposits from individuals and companies in the community. Our responsibility as a bank and to those who deposit funds with us is to ensure that our business is sustainable.
City First Bank makes commercial loans, that is, loans to businesses and non-profit organizations, or loans to individuals for business purposes. For example, we make loans to finance the acquisition and renovation of real estate, to businesses and nonprofits that want to purchase their own building or expand into more real estate. We also make non-real estate secured loans to small businesses for equipment, business expansion, or receivables-based lines of credit. We do not currently make personal loans.
Not necessarily. At any given moment, a percentage of our loan portfolio is “non-mission.” This allows us the flexibility to diversify risk in our loan portfolio and to address market demand. However, as a certified Community Development Financial Institution, the majority of our lending is in low- and moderate-income areas. See Our Impact for more information.
We do not make grants; our financing options are in the form of loans.
Our investors include many mission-aligned partners. Broadway Financial Corporation is the bank holding company of City First Bank. Broadway Financial Corporation is a publicly traded Public Benefit Corporation, which includes public and private investors in the bank. Many larger banks have invested with City First to meet their Community Reinvestment Act requirements.
City First Bank launched with $9.4 million invested from public and private sources, including Georgetown University, Bank of America, Wells Fargo, Fannie Mae, the Cooperative Assistance Fund, National Community Investment Fund and the federal and DC governments. These investors and others continue to support City First Bank.
City First Bank is a commercial community development financial institution and we do not make residential home mortgages. You may learn more about affordable homeownership with our partner, Homes By CFE.
City First Bank offers online banking, a mobile app and telephone banking to make it convenient for you to handle your banking needs without having to come into a branch. Our customers also have surcharge free access to 55,000+ ATMs through the Allpoint network and through our partnership with Citibank.
When you open an account with City First Bank, your money is insured by the FDIC, up to $250,000 and we have IntraFi CDARs and ICS solutions for accounts that may exceed that amount. Plus, with City First you get the added benefit of knowing that your money strengthens community enterprises, creates jobs, and preserves and develops affordable housing and educational opportunities.
You can customize your checks with our trusted affiliate, Deluxe.
Please contact us for your current Commercial Accounts Fee Schedule.
Please contact us for your current Personal Accounts Fee Schedule.
For more information, or to request a copy of our Truth in Savings Act Disclosure, please email us at info@cityfirstbank.com.
To see if you currently qualify, please contact us.
We make the process as simple as possible, providing applicants with an SBA Loan Kit. City First then analyzes the application using the following factors to determine eligibility:
We can even determine if you are “pre-qualified” for an SBA Loan in just five business days. SBA Loans, for up to $3 million, have competitive interest rates and help businesses finance everything from:
SBA Loans are generally divided into two categories: