Chickasaw Community Bank - Company of the Year - Banking
Company: Chickasaw Community Bank, Oklahoma City, OK
Entry Submitted By: Schnake Turnbo Frank
Company Description: Chickasaw Community Bank is a full-service financial institution that offers a diverse array of checking accounts, savings accounts, investment products, mortgages and lending services to individuals and businesses all across the region. As of January 2021, Bauer Financial rated us as a 5-star bank, and we’ve been consistently placed in the top 15% of all U.S. banks by Seifried & Brew LLC.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Banking - Medium
Nomination Title: Chickasaw Community Bank, Oklahoma City, OK
Chickasaw Community Bank (CCB) is a full-service financial institution for individuals and businesses across the U.S., under the leadership of Native American and African American CEO, T.W. Shannon.
Founded by the Chickasaw Nation and headquartered in Oklahoma City, OK, CCB is a 100% tribe-owned bank with a mission to build better lives for everyone. Rebranded from Bank2 to Chickasaw Community Bank, it serves as a hub for minority and underserved communities and a partner for small businesses. CCB is one of just 17 Native American-owned community banks in the U.S. and has grown to $250 million in total assets. As of January 2021, Bauer Financial rated CCB a 5-star bank, and it has consistently been placed in the top 15% of all U.S. banks by Seifried & Brew LLC.
In 2017, CCB (called Bank2 at that time) funded a transformational housing project in Washington state, building 45 housing units for Native American families seeking sobriety and to regain children from foster care. CCB provided a multi-million dollar Title V1 loan and walked the Lummi Nation through the complicated Title V1 process, and was recognized by the U.S. Department of Housing and Urban Development.
Chickasaw Community Bank (CCB) completed 2020 with net income more than six-fold the projections – a record-breaking year of growth amid unprecedented volatility in the market and economy. Strategic preparation and planning positioned CCB to receive this swell of growth in a way that few community banks across the country could have managed. CCB processed the highest volume of HUD-184 loans of any bank in the U.S., and through its network of lenders is now helping to fill the homeownership gap with Native Americans nationwide. Like a tide that raises all ships, CCB partnered with neighboring tribe, Cherokee Nation, to fund more than 600 rent-to-own, multi-generational homes for displaced tribal families. CCB also demonstrated that community banks are critical partners for small businesses struggling to recover economically from COVID’s devastation, and fill the void for those turned away by larger banks. CCB funded nearly $27 million in PPP loans in 2020, with millions more in process, for both clients and non-customers.
In 2020, CCB achieved an annual income of $10.1 million (an increase of 314% from 2019), total commercial loans of $127.5 million (an increase of 12.52%), and increased mortgage loans by 60% from 2019, reaching $555 billion. To further its community investment, the bank’s new Brand Ambassador program to help create the next generation of community involvement includes Carrie Underwood’s guitarist (an Oklahoma native) and others sharing their personal stories, using CCB as a platform to help others develop their abilities, talents and skills.
The bank’s achievements are more than numbers and statistics; they represent a success model for serving customers and systemic opportunity that can be replicated by banks across the U.S. The significance of Chickasaw Community Bank being the #1 bank in the U.S. in providing HUD-184 loans lies in the fact it is the leading bank making the dream of home ownership more accessible to Native Americans nationwide. Numerous studies have shown that Native American housing conditions are substantially worse than other U.S. households. According to Native American Housing Needs Study conducted by the U.S. Department of Housing and Urban Development, 17 percent of households in Indian country had one or more non-family members staying with them because they had nowhere else to go, and more Native Americans are living in overcrowded, unsound homes that are lacking proper heating and electrical than any other U.S. minority. As CCB is 100% tribal owned, and led by T.W. Shannon, a Chickasaw native, these statistics are deeply personal. Processing the highest volume of HUD-184 loans, building 600+ homes for Chickasaw and Cherokee tribal members and funding millions in PPP and mortgage loans is all about lending a critically-needed hand to people in need. CCB’s achievements since 2019 have not only been the tidal wave of growth of the bank itself, but also its tireless commitment to better the lives of everyone that has created a positive, measurable and lasting impact for Native Americans.
A case study from the U.S. Department of Housing and Urban Development and the Office of Native American Programs is attached, which provides further detail about the transformational housing project Chickasaw Community Bank funded (as referenced in answer to the question: Briefly describe the nominated organization).
A Chickasaw Nation press release announcing the name change and rebranding from Bank2 to Chickasaw Community Bank is enclosed.
Several links to Facebook videos show Chickasaw Community Bank CEO T.W. Shannon talking about the bank's community involvement and investment,and PPP loans, as referenced throughout the submission.