The Community Reinvestment Act plays a crucial role in guiding banks' operations and their impact on local communities. While depositors often focus on their day-to-day transactions, the fate of their money within the bank's asset portfolio is influenced by various factors. This article explores how some of Columbia's banks fulfill the requirements of the CRA and contribute to the well-being of their communities.

Discover How Columbia's Banks Give Back to Their Communities

Central Bank of Boone County

ProsperU stands out as a significant initiative by Central Bank. Last year, it served over 4,000 people with financial education and counseling. The bank is the largest Small Business Administration lender, enabling small businesses to get started. It donates more than $300,000 annually to over 300 nonprofit organizations. Employees actively volunteer, with 41 holding leadership positions and 130 reporting multiple volunteer efforts. The bank also creates "Branch Out" videos to highlight local businesses and nonprofits. Each branch adopts a nonprofit annually and conducts month-long promotions for two nonprofits twice a year.

Central Bank's commitment to serving the whole community is evident through its diverse range of services. From providing business loans to supporting various community projects, it plays a vital role in the local economy.

In addition to financial support, the bank's efforts in education and volunteerism have a lasting impact on the community, helping individuals and businesses thrive.

First State Community Bank

In 2023, FSCB team members served on 14 different boards and volunteered over 3,500 hours. They directly impacted 18 United Way Agencies and 81 nonprofit organizations. Resources were provided to first responders during emergencies and school lunch balances were paid off. The pantry of a local veteran's shelter was filled, and children's toys and books were updated at a local hospital. Mobility carts were built and designed, and coaching on starting a business was provided.

First State Community Bank's hands-on approach to community service goes beyond financial donations. By actively participating in various community activities, they make a tangible difference in people's lives.

The bank's efforts in supporting different sectors of the community, from emergency response to educational initiatives, showcase their dedication to the well-being of all.

Hawthorn Bank

Hawthorn Bank serves the deposit and credit needs of Columbia and other Missouri markets. It offers small business loans and is an SBA Preferred Lender. Credit builder loans help individuals improve their credit scores. They have several affordable home loan products with low down payment requirements.

Hawthorn Bank's focus on lending and providing affordable housing options is crucial for the community. By facilitating access to credit, they contribute to economic growth and stability.

The bank's diverse loan products and services meet the needs of different individuals and businesses, playing a significant role in the local real estate market.

The Bank of Missouri

The Bank of Missouri focuses on the most "at-risk" members of the community and supports critical needs through nonprofits. It has been an investor in organizations focused on economic development, such as Columbia's Regional Economic Development Inc. (REDI). They also finance projects ranging from non-profit office construction to affordable housing.

The Bank of Missouri's commitment to economic development is evident in their investments and partnerships. By supporting local organizations and projects, they help drive the growth of the community.

Through their efforts, they not only meet federal CRA requirements but also make a meaningful impact on the lives of individuals in the community.

Simmons Bank

Simmons has a dedicated pool of funds for CRA-eligible organizations. The Simmons First Foundation provides funding for K-12 youth programs. The bank's CRA report reflects its DNA of building relationships with customers and the community.

Simmons Bank's focus on serving the local community through targeted funding and relationship-building is essential for its continued success.

By partnering with organizations that serve the community, they contribute to the overall development and well-being of Columbia.