The Spirit of America Bank in Milford donated $71,000 to local community support groups last week as part of its annual community reinvestment plan. A full participant in the Community Reinvestment Act, Spirit of America annually donates a portion of its profits to various groups in the area which seek to reinvest money into struggling neighborhoods in need of a boost.
“The Community Reinvestment Act was enacted by the federal government in 1977, and with that act, the government sanctioned all financial institutions to give back to the communities they serve,” said India Davis, CRA officer for Spirit of America Bank. “I am happy to tell you that Spirit of America fully complies. As the CRA officer, part of my responsibility is to go out into the community and work with our community leaders, partners and people to seek out partnerships for the bank. These organizations assist the bank in our community in these goals.”
Presentations included checks to a number of groups from Clermont and Hamilton counties which reinvest in local communities, including Clermont 20/20 and Habitat for Humanity. Mary Hurlburt, executive director of Consumer Credit Counseling Services, said that the partnership had been beneficial in many ways.
“The impact that Spirit has had on this community is phenomenal,” said Hurlburt. “This is a marvelous partnership.”