Success Stories

 

First Eagle earns CDFI certification

In August 2010, First Eagle Bank became a certified Community Development Financial Institution (CDFI). As a CDFI bank, a status conferred by the US Treasury Department, we take great pride in serving individuals and businesses that live, work and invest in our targeted communities. The Bank is committed to meeting the financial needs of all members of our communities including those underserved by the mainstream financial institutions. First Eagle conducts a number of financial literacy programs throughout the year and offers incentive enhanced savings accounts to underserved and unbanked populations. More than fifty employees work at First Eagle Bankómany of whom have been with the Bank since its inceptionówith deep personal roots in the communities they serve. Our workforce also volunteers, providing financial and personal support to those in need. The CDFI designation is shared by only 85 banks nationwide.

   

Federal Home Loan Bank grants

As a member of Federal Home Loan Bank, First Eagle Bank can access various Federal Home Loan Bankís community investment programs such as DPP (Downpayment Plus Program) Advantage and the AHP (Affordable Housing Program) grant. This allows First Eagle to partner with local nonprofits, providing grant funds to low and moderate income families for downpayment or closing costs assistance. To date, First Eagle has assisted five area families in achieving homeownership. In addition, FEB sponsored a local nonprofit developer in obtaining a large affordable housing (AHP) grant. This grant will be used to provide direct downpayment subsidies for home purchases to ten low income families. For further information on DDP Advantage and AHP grant, visit www.fhlbc.com.

   

Malcolm X College

To assist first generation college students on the path to financial independence, First Eagle Bank has partnered with Malcolm X College and its Student Support Services Trio Center. By hosting an annual workshop entitled Pay Yourself First, which focuses on developing personal savings habits, First Eagle Bank is helping to promote financial literacy among these important consumers. The Bank has also developed specialized checking and savings products focused on young first time bank customers.

   

Partnering with ComEd

First Eagle Bank has partnered with ComEd and its parent company Exelon to make a positive impact within our community. In addition to participating in Exelon Minority and Community Bank Credit Facility, First Eagle recently became part of ComEdís new gift certificate pilot program. This program will benefit the community by providing our customers another way to pay for their energy bills. ComEdís gift certificates come in $10, $25, $50 and $100 denominations and can be purchased at either First Eagle Bank location. For more information on this program, please visit ComEdís website www.comed.com/gift.

   

First Eagle is an official Chicago Money Smart Week Partner

First Eagle Bank is proud to be a Chicago Money Smart Week (MSW) partner. First Eagle actively participates during the annual Money Smart Week campaign sponsored by the Chicago Federal Reserve Bank. MSW is a public awareness campaign design to help consumers better manage personal finances. Hundreds of organizations across Illinois and the Midwest join together annually to focus public attention on financial literacy, to inform consumers about where they can get help, and to provide free educational seminars and related activities throughout the week. Programming is offered to all demographics and income levels, covering all facets of personal finance from establishing a budget to first time homebuying to estate planning. For more info on the Money Smart Week, visit http://www.chicagofed.org/webpages/education/msw/chi/index.cfm.

   

First Eagle hosts Financial Literacy Workshops

First Eagle Bank is active throughout the Chicago land area holding financial literacy workshops that are designed to assist local low- and moderate-income individuals outside the financial mainstream enhance their financial skills and create positive banking relationships.  Financial education fosters financial stability for individuals, families, and entire communities.  The more people know about credit and banking services, the more likely they are to increase savings, buy homes, and improve their financial health and well being.

Financial literacy workshops held by First Eagle Bank include:

Mercy Home for Boys and Girls

In July 2011, First Eagle organized 5 bank tours for the residents of Mercy Home.  In attendance were 33 boys, age 10 to 17.  The goal of the tours was to encourage boys to save money as well as introduce them to the banking system, checking accounts, and online banking.

Teen/Parent Connection

Based in Glen Ellyn, IL this organization provides a variety of prenatal, birthing and parenting services and education to low and moderate home adolescent parents and their children in the Western suburbs.  A First Eagle Bank officer led household budgeting classes as a part of the Bank's broader commitment to financial literacy.

Village of Hanover Park

In partnership with the Village of Hanover Park, First Eagle held several financial literacy workshops.  These workshops are designed to assist local residents understand the importance of budgeting on a reduced income, to prioritize spending habits and create a plan to reach personal financial goals.  Useful tips and resources were reviewed with particular attention to the needs of senior citizens.