CDFI: In September 2010, as a result of our commitment to our community, the Bank received national recognition and certification as a Community Development Financial Institution (CDFI) by the United States Treasury Department’s (UST) CDFI Fund. CDFIs share a common goal of providing much needed credit and financial services to people and low income communities that typically are not served by traditional financial institutions. This certification affords us access to programs that include federal and private sector capital in the form of grants, equity investments and loans.
As South Carolina’s largest certified bank CDFI, we are determined to contribute to our local community. We are 100% dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. By financing community businesses- including small businesses, microenterprises, nonprofit organizations, commercial real estate, and affordable housing- we create job growth and retention in hard-to serve markets.
Our CDFI status allows us to offer tailored resources and innovative programs that invest federal dollars along with our own capital to support economically disadvantaged communities. We pride ourselves on providing social returns for our markets through products that feature flexible underwriting criteria, low interest rates and flexible terms. They are designed to meet the needs of the borrowers while balancing safety/soundness and other bank regulatory requirements. We make exceptions to policy when borrower circumstances dictate innovate approaches to meting their needs.
CRA: Security Federal Bank is rated by the FDIC as an outstanding Community Reinvestment Act (CRA) Bank. To obtain an outstanding CRA rating, the bank must prove to the Federal financial supervisory agency that it is meeting the credit needs of its entire community. Less than 10% of banks in the country earn this distinction and we are proud to be one of them.
Community Development Impact Data
- CRA Exam Rating November 18, 2013 & April 18, 2016 : Outstanding
- Financial Counseling: FREE services provided since 1994 to over 13,200 customers.
- Closed over 89 million dollars in loans.
- 2013-2017: added 1,000 FC clients per year to our program, served clients through 18,943 appointments, 61 financial workshops.
- Closed an average of 190 consumer loans per year.
- Over the past 3 years, closed an average of 6.5 million $ in consumer/mortgage loans, 3.2 million in commercial loans.
- The average credit score increase for customers in our FC program preparing for a car loan is 48 points and for a mortgage loan 71 points.
- The average debt ratio of FC customers receiving a car loan is 26% and mortgage loan 29%.
- The average past due ratio on our FC loan portfolio over the past 3 years: 3.83%.
- Loss ratio is less than 1%.
- 369 Emergency Savings Plans were successfully implemented over the past four years.
- In 2015, our FC staff wrote 49 Home Owners & Car Insurance Policies
- In 2016, 53 Home Owners & Car Insurance Policies were written.
- In 2017, 65 Home Owners & Car Insurance Policies were written.
- FC team members served on various community boards, committees and panels and continue to receive applications and referrals to our program from 15 partner agencies.
- September 29, 2010 – SFB received national recognition and certification as a Community Development Financial Institution (CDFI) by the US Treasury Department’s CDFI Fund in recognition of our commitment and community development achievements.
- July 31, 2017 – Recertification as a CDFI
- July 31, 2018 – Annual Certification
- August 2012: Financial Assistance (FA) Grant of $1,453,806 to provide capital for a new microloan program for our CDFI target market. SFB is one of 6 banks in the nation to receive the award among 22 applicants.
- 2011 : Bank Enterprise Award (BEA) $205,929
- 2013: Bank Enterprise Award (BEA) $202,387
- 2014: Bank Enterprise Award (BEA) $355,000
- 2015: Bank Enterprise Award (BEA) $265,496
- 2016: Bank Enterprise Award (BEA) $227,282
- 2017: Financial Assistance (FA) Grant of $500,000 to provide capital for a new Weatherization/Energy Efficient Home Improvement Loan Program in partnership with Aiken Electric Cooperative’s Help My House Program.
- 50 Micro Loans originated over the past 3 years in the amount of $1,643,354.
- Since 2013, 42 loans originated under the City Lender Program designed to revitalize inner-city residential neighborhoods for a total amount of $4,100,343.
- 15 loans originated under the SC State Housing Program for First Time Home Buyers (FTHB) totaling $1,342,985.
- 28 Community Development Loans (CDL) originated for a total of $17,798,859 over the past 5 years.
- CDLs represent 3.81% of Bank’s total loans.
- CDLs represent 2.99% of Bank’s total assets as of December 31, 2017.
- Mortgage Servicing provided FREE of charge to 4 local chapters of Habitat for Humanity in Aiken, North Augusta, Columbia and Augusta. The initial partnership was formed 16 years ago.
- 2015, 2016 & 2017 SFB Community Development Grant to support programs, projects, and organizations with a primary purpose of supporting low- and moderate income individuals, families and communities. Thirty-Two $1,000-$2,000 grants were awarded to non-profit agencies across our market areas in support of various community development and human services projects.