CFG Bank Commits to Expanding Capital Access for Affordable Housing, Small Businesses, and Community Services

CFG Bank, the largest bank headquartered in Baltimore, Maryland, is proud to announce a $5 million deposit into the Advancing Communities Together (ACT) Deposit Program. In partnership with City First Bank, a CDFI bank approaching its 80th year of service, CFG’s deposit will help accelerate investment in underinvested communities. Together, the companies advance access to capital and share a commitment to increase economic opportunity in low-income communities.

The ACT Deposit Program, powered by IntraFi, streamlines the placement of large deposits into Community Development Financial Institutions (CDFIs) banks enabling businesses, nonprofits, community organizations, and individuals to support mission-driven banking. By distributing funds across more than 70 FDIC-insured banks, the program directs essential funds to banks that serve communities with untapped potential. As CFG’s relationship bank, City First Bank will be able to leverage CFG’s deposits, which will increase community lending and access to capital in underinvested areas in Baltimore and surrounding regions.

“Real progress comes from investing in communities, and partnering with City First Bank is a powerful step toward creating a lasting impact in Greater Baltimore’s underserved communities,” said CFG Bank President Erik Howard. “Our investment is a commitment to advancing economic growth and partnering with other banks who share our commitment to the community. We’re proud to support the ACT Deposit Program and are excited to see City First Bank open doors for small businesses, affordable housing, and essential community services in Baltimore and other communities where it’s needed most.”

 “City First Bank is proud to partner with mission-aligned investors like CFG Bank—an institution demonstrably committed to community impact, client success, and sustainable economic development,” said Brian Argrett, Chief Executive Officer of City First Bank. “This investment in our work through the ACT Deposit Programwill help strengthen communities across Greater Baltimore and beyond and create meaningful pathways for business growth and broader market expansion.”

In 2024, City First Bank provided $185 million in new loans, with over 85% supporting mission-focused projects in underinvested areas. The loans benefited nearly 1,000 affordable housing units, provided access to community services and healthcare, and supported small businesses from underinvested communities. In Baltimore, City First Bank has invested in numerous community revitalization partnerships, most recently the Hoen Project, the Lion Brothers Building, and The Centre. As a CDFI and Certified B Corp, City First Bank is dedicated to building a society where every individual, family, and community has access to capital and resources to improve their well-being and success in business.

CFG partners with organizations throughout Maryland and the country that are focused on transforming and supporting local communities. In addition to supporting partnering with City First Bank, CFG has also partnered with Arctaris Impact Investors, LLC, Oak View Group, National Aquarium, Dwyer Workforce Development, Habitat for Humanity of the Chesapeake, Maryland Zoo, Saint Frances Academy, Mother Mary Lange Catholic School, and Boys & Girls Clubs.

To learn more about how CFG is redefining what it means to give back to the community, visit https://www.cfg.bank/about/community-involvement/.

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About CFG Bank
CFG Bank, headquartered in Baltimore, Maryland, provides flexible financing and online banking solutions to the national healthcare and multifamily markets and the Mid-Atlantic commercial banking market. CFG Bank is the largest bank headquartered in Baltimore. CFG Bank has grown from $1 billion in assets at the end of 2019 to over $5.3 billion in assets at the end of 2024 and is among the five largest and most experienced healthcare bridge-to-HUD lenders in the country, serving its clients and helping them grow for over 30 years. CFG Bank transforms the banking experience by delivering big bank capabilities and expertise, coupled with relationship-driven boutique bank service. CFG Bank has branches in Lutherville and Baltimore City, and a cashless branch in Annapolis. For more information, visit www.CFG.bank, and follow CFG Bank on LinkedIn, Facebook, Instagram, and X. Member FDIC.

About City First Bank
City First Bank offers a variety of commercial real estate loan products, services, and depository accounts that support investments in affordable housing, small businesses, and nonprofit community facilities located within underinvested neighborhoods. City First Bank is a Community Development Financial Institution, Certified B Corp, and a member of the Global Alliance of Banking on Values. The Bank and the City First network of nonprofits, City First Enterprises, Homes By CFE, and City First Foundation, represent the City First branded family of community development financial institutions, which offer a robust lending and deposit platform. Member FDIC and Equal Housing Lending.

This press release may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements with respect to the Company’s plans, objectives, expectations and intentions; and (ii) other statements identified by words such as “may”, “could”, “would”, should”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties.