Independent Banker - February 2023 - 55

James Wang says, " Additional
capital gives us the cushion to be
able to absorb some of these losses
if and when they do occur. " In
addition, Asian Bank can benefit
from the incentives ECIP offers to
participants that lend to borrowers in
underserved communities.
As Asian Bank and two other
community banks illustrate, receiving
a massive infusion of government
dollars is having a positive effect
on their institutions and the
communities they serve.
Pandemic-driven assistance
Congress established the ECIP in the
Consolidated Appropriations Act of
2021. The program authorizes the
Treasury to provide up to $9 billion
in capital directly to banks, holding
companies and other financial
institutions that are designated as
community development financial
institutions (CDFIs) or minority
depository institutions (MDIs).
The Treasury announced that
the funds are intended " to support
the efforts of community financial
institutions to provide loans, grants,
and other assistance to small and
minority-owned businesses and
consumers, especially in lowincome
and financially underserved
communities that struggled during
the COVID-19 crisis. "
As of late November 2022, the
Treasury had invested $8.3 billion in
164 institutions.
The low- and moderate-income
community financial institutions
that were accepted into the program
generally issued preferred stock to the
Treasury, which qualifies as additional
tier 1 capital. If they couldn't issue
stock, they could issue subordinated
debt instead.
Participants that reach specific
benchmarks for increasing loan
originations to the intended
categories of borrowers will receive a
reduction in the dividend or interest
From left: Asian Bank's
president and CEO James
Wang and 9th Street branch
manager Ping Xu near the
bank's Chinatown branch in
Philadelphia
54 // ICBA Independent Banker // February 2023
Photo: Matt Stanley

Independent Banker - February 2023

Table of Contents for the Digital Edition of Independent Banker - February 2023

Table of Contents
Independent Banker - February 2023 - Cover1
Independent Banker - February 2023 - Cover2
Independent Banker - February 2023 - Table of Contents
Independent Banker - February 2023 - 2
Independent Banker - February 2023 - 3
Independent Banker - February 2023 - 4
Independent Banker - February 2023 - 5
Independent Banker - February 2023 - 6
Independent Banker - February 2023 - 7
Independent Banker - February 2023 - 8
Independent Banker - February 2023 - 9
Independent Banker - February 2023 - 10
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Independent Banker - February 2023 - Cover3
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