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Devon Bank (Winner), Chicago, IL

Entry Year: 2019
Entry Category: Economic Inclusion
Asset Size: Small
Program Name: Religion-Based Finance Program

Program Summary:

Our program is our Religion-Based Finance Program. We have created residential and commercial financing products, including products that cover construction financing, lines of credit, and cash management, that are all non-interest based to conform with certain religious requirements. We have also worked with Fannie Mae and Freddie Mac to come up with liquidity sources that will cover our religion-based financing products. We have been working on one of the Federal Home Loan Banks to get it to accept these transactions as collateral for advances as well. We even created an off balance sheet investment company that operates in line with religious principles to create religiously-compliant deposit-like products, as well as create expanded liquidity options for our financing products. We have created and are creating deposit products in line with religious sensitivities. We also offer religiously-compliant trust services, including for wealth management, and philanthropy management, all in ways that don’t involve conventional interest in line with customer religious requirements.