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STATEMENT OF CHARLES SNYDER, PRESIDENT, NATIONAL COOPERATIVE BANK, ON THE ADMINISTRATION PROPOSAL FOR COMMUNITY DEVELOPMENT BANKING

 WASHINGTON, July 15 /PRNewswire/ -- Charles Snyder, president, National Cooperative Bank, issued the following statement on the administration proposal for community development banking:
 The administration's community development banking proposal is an important first step in recognizing the credit gap in low-income communities and highlighting their needs. The resulting investment of funds will allow communities to invest in themselves and will have a return over many years and is not just another social handout.
 Development in low-income communities needs to be a public/private partnership. This public money will bring in private investments in these communities, and with that investment will come the added discipline of banking institutions into the types of projects completed. This will allow local groups, which have an intimate knowledge of their communities, to provide local solutions to local problems.
 The proposal does not set up a new banking system; it capitalizes on local groups that are already out there.
 National Cooperative Bank is a congressionally chartered institution that was privatized in 1981 to fund cooperative businesses around the country. It funds numerous sectors of the economy, including housing, health care, the food and hardware industries, and through its affiliate, National Cooperative Bank Development Corporation, funds low- income and start-up businesses that are cooperatively owned or community-based. Margaret A. Cheap is the executive director of NCB Development Corporation.
 -0- 7/15/93
 /CONTACT: Jane DeMarines of the National Cooperative Bank, 202-336-7651 or -7655/


CO: National Cooperative Bank ST: District of Columbia IN: FIN SU: EXE

DC-TW -- DC031 -- 2140 07/15/93 15:49 EDT
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Date:Jul 15, 1993
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