Independent Banker - April 2021 - 63
The past year has put community banks' local missions to the
test, and they came through with flying colors. In the spirit
of Community Banking Month, here are stories from several
community banks that did what they do best: help customers
and communities in need. Be prepared to be inspired.
| By Ed Avis |
Community banks
come through-
again and again
West Gate Bank is rehabbing its community
The SoDo neighborhood of
Lincoln, Neb., is within blocks
of downtown, the state capitol
building and the University of
Nebraska. Despite its prime
location, the housing stock
in SoDo (short for South of
Downtown) is more than 100
years old, much of it run down.
Few properties are owner
occupied. Lincoln has a large
group of residents who need
better housing options.
That's why Lincoln's West
Gate Bank helped create
a program that addresses
both problems: It improves
the housing in SoDo and
opens home ownership
opportunities to people who
might not otherwise qualify
for mortgages.
" This really is about fulfilling
our mission, " says Carl
Sjulin, the $900 million-asset
community bank's president
and CEO.
The program is a
collaboration between West
Gate Bank, the City of Lincoln
and several local nonprofits.
The city acquires dilapidated
SoDo homes, razes them and
builds new single- and multifamily
houses on the lots. The
single family homes are sold to
people who may not be able to
afford both a conventional home
and the lot, or are ineligible
for a traditional mortgage.
Instead, the land is held in a
trust separate from the house.
If the homeowner remains in
the home for a certain number
of years, ownership of the land
vests with the house.
The first such home closed at
the end of 2020. " We provided
the mortgage financing for
a property in SoDo that was
120 years old, had been largely
destroyed by fire and had been
vacant for more than 10 years, "
Sjulin says. " We worked with
independentbanker.org Q 63
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Independent Banker - April 2021
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Table of Contents
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