Commonwealth opened its doors in 1976. We are a full-service nationally-chartered commercial bank. We are one of only 15 black-owned banks remaining in the country, and one of only 5 black-owned banks regulated by the Office of the Comptroller of Currency. Moreover, out of the 45 banks doing business in the City of Mobile, we are the only one headquartered here.
Commonwealth is one of only 144 Minority Depository Institutions (“MDIs”) in the country, as defined in Section 308 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989. We are the only MDI headquartered in the City of Mobile and one of only two headquartered in the State of Alabama. MDIs play a unique role in promoting the economic viability of underserved communities.
Commonwealth has met the requirements for classification as a Community Development Financial Institution (“CDFI”). CDFIs share a common goal of expanding economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. To support emerging CDFIs, the Community Development Financial Institutions Funder (“CDFI Fund”) was established by the Riegle Community Development and Regulatory Improvement Act of 1994. The CDFI Fund’s purpose is to promote economic revitalization and community development in low-income communities through investment in and assistance to CDFIs. As a CDFYouI, Commonwealth is eligible to apply for awards from the Bank Enterprise Award Program of the United States Department of Treasury.
Commonwealth is a member of the National Bankers Association (“NBA”), the trade organization founded in 1927 as a voice for black-owned banks in the United States. Chairman Patrick Cooper is a member of the NBA’s board of directors.
Commonwealth’s asset size is roughly $50 million. We are well-capitalized satisfying our Tier I requirement. We currently employ about 20 persons. We have two branches, one in Toulminville, the other in Crichton, each with an ATM. In addition, PNC graciously allows our customers to use its ATMs without any service charge. All depositors of Commonwealth are insured by the FDIC up to $250,000.
