Welcome to NorthEast Community Bank
NECB was founded as, and has remained, a community bank since 1934. We are very active in our communities, lending where we gather deposits.
NECB continues to earn the FDIC’s highest Community Reinvestment Act (CRA) examination rating of “Outstanding”. However, an outstanding CRA rating means nothing if a bank does not operate in a safe and sound manner.
Bauer Financial Inc., an independent bank rating agency has awarded NorthEast Community Bank its highest five-star superior rating for 50 consecutive quarters. This award recognizes the highest level of safety and soundness.
Since its inception, NECB has held to the principle that a strong balance sheet is indispensable to the enduring success of any company. As of June 30, 2008 NorthEast Community Bank was Well-Capitalized under banking regulations with a Leverage Capital Ratio of 21.2% and a Risk Based Capital Ratio of 32.7%. The Office of Thrift Supervision, the Bank’s federal regulator, requires a bank to maintain Leverage Capital and Risk Based Capital ratios of 5.0% and 10.0% respectively, to be considered “Well Capitalized” (the highest category). Additionally, NorthEast Community Bancorp, Inc., the parent company of NorthEast Community Bank, holds substantial funds which are available for a variety of corporate uses.
Our ongoing commitment to conservative business practices provides protection in any financial climate, especially during challenging times. NECB has consistently chosen to limit its contact with companies whose business activities could adversely affect its strength and stability. NECB has no exposure to Freddie Mac, only a minimal investment exposure (under $4,000) to Fannie Mae, no exposure to sub-prime loans, no exposure to Alt-A loans, no exposure to troubled insurance companies, and no exposure to any Wall Street firms.
As always, we remain dedicated to offering traditional banking services and products customized to meet your needs. We are committed to our traditional core values and conservative stewardship by maintaining sound financial strength. The safety of your assets has always been and always will be our primary concern, each and every day.
Kenneth A. Martinek
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