City First Bank: How the ACT Deposit Program Benefits Businesses and Nonprofits

At City First Bank, we understand the unique challenges that businesses and nonprofits face in today's dynamic economic landscape. To support these vital organizations, we are proud to partner with the Community Development Bankers Association (CDBA) and National Bankers Association (NBA), along with IntraFi, to launch the Advancing Communities Together (ACT) Deposit Program.

What is the ACT Deposit Program?

According to Nicole Elam, President and CEO of the NBA, “The ACT Deposit Program offers a streamlined approach for providing essential deposits to minority banks serving the underserved and communities of color. This initiative empowers our members to facilitate homeownership, business growth, and financial stability, contributing to job creation and the overall vitality of communities across America.”

Benefits for Businesses

1. Enhanced Cash Management: Efficient cash management is crucial for the sustainability and growth of any business. The ACT Deposit Program offers high interest rates on deposits, enabling businesses to maximize their idle funds. This means more resources to reinvest in operations, innovation, and expansion without taking unnecessary risks.
2. Liquidity and Flexibility: Our program ensures businesses can access their funds whenever needed. With flexible withdrawal options, companies can manage their cash flow more effectively, addressing urgent needs without compromising long-term financial goals.
3. Support for Corporate Social Responsibility (CSR): Participating in the ACT Deposit Program allows businesses to align their financial strategies with their CSR goals. By banking with City First, companies contribute to community development projects funded by our institution, thereby making a positive social impact.
4. Tailored Financial Solutions: We understand that every business is unique. Our team of financial experts works closely with each client to tailor deposit solutions that meet their specific needs, ensuring optimal financial health and growth potential.

Benefits for Nonprofits

1. Mission-Driven Financial Management: Nonprofits can enhance their financial stability by earning higher interest on their deposits through the ACT Deposit Program. This additional income can be redirected towards their mission-driven activities, helping to expand their reach and impact.
2. Grant and Fund Management: Managing grants and donations effectively is critical for nonprofits. The ACT Deposit Program offers robust financial tools that simplify fund management, ensuring organizations can allocate resources efficiently and transparently.
3. Community Impact Partnership: By participating in the ACT Deposit Program, nonprofits become part of a more extensive community impact network. City First Bank reinvests a portion of the profits from this program into local community development initiatives, creating a multiplier effect that benefits both the nonprofit and the community it serves.
4. Financial Advisory Services: Our dedicated team provides nonprofits with strategic financial advice, helping them navigate complex financial landscapes. From budgeting and financial planning to investment strategies, we support their financial sustainability and mission fulfillment.

Why Choose City First Bank?

City First Bank is more than just a financial institution; we are a partner committed to the success of our clients. Our deep-rooted community focus and innovative financial solutions like the ACT Deposit Program ensure we provide unparalleled value to businesses and nonprofits.

By choosing City First Bank, you are securing a better financial future for your organization and contributing to the broader goal of community transformation. Together, we can achieve economic empowerment and social progress, fostering a thriving environment for all.

Get Started Today

Discover the difference the ACT Deposit Program can make for your business or nonprofit. Contact City First Bank today to learn how we can support your financial goals and community impact initiatives—MEMBER FDIC.