Woodforest National Bank Named 2020 BAI Global Innovation Awards Finalist
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THE WOODLANDS, Texas, Feb. 4, 2021 /PRNewswire/ -- Woodforest National Bank® (Woodforest) is selected as a finalist in the Societal & Community Impact Innovation category for the 2020 BAI Global Innovation Awards, a prestigious awards program recognizing financial services organizations that have gone beyond the conventional to bring creative ideas to life, especially during a time of unprecedented change.
The award finalists represent the most distinctive, impactful solutions in the global financial services industry, and Woodforest was selected from hundreds of nominations submitted for its Woodforest CEI-Boulos Opportunity Fund which will help create over 1,800 jobs across the bank's 17 state footprint.
"Thank you, BAI, for recognizing our opportunity zone (OZ) fund on a global scale and CEI-Boulos Capital Management for teaming up with us to leverage both the OZ incentive and the Community Reinvestment Act (CRA) to make an impact for underserved communities across our bank's footprint," said Jay Dreibelbis, President and CEO, Woodforest National Bank. "We are extremely proud of the work our team has done in the OZ space to date."
The fund invests in high-impact commercial real estate projects in opportunity zones with the goal of positively benefitting these economically distressed communities. The fund's Social Impact Advisory Board provides input on social and environmental impacts of proposed investments using metrics that align with both the CRA and the "OZ Reporting Framework" developed by the U.S. Impact Investing Alliance, the Beeck Center at Georgetown University, and the Federal Reserve Bank of New York. The fund ensures all investments foster community engagement and promote social equity.
CEI-Boulos Capital Management, the fund's manager, is a joint-venture of Coastal Enterprises, Inc., a nationally renowned Community Development Financial Institution, and The Boulos Company, an integrated commercial real estate firm.
Since its inception in 2011, the BAI Global Innovation Awards recognizes industry leaders from all regions of the world. It showcases what these innovators are doing to deliver new value to customers and employees, as well as to improve efficiencies and profitability for their organizations. To learn more about the BAI Global Innovation Awards and all of the finalists, please visit BAIGlobalInnovations.com.
About Woodforest National Bank
Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 750 branches in 17 states across the United States and is an Outstanding CRA-rated institution. For more information about Woodforest National Bank, please visit www.woodforest.com.
As a nonprofit, independent organization, BAI delivers the financial services industry's most actionable insights, enabling leaders to make smart business decisions every day. BAI is passionate about the trusted information and powerful tools that provide leaders with the clarity and confidence needed to drive positive change and move the financial services industry forward. For more information, visit www.bai.org.
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SOURCE Woodforest National Bank
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