National Cooperative Bank Limited provides comprehensive banking services to cooperatives and other member-owned organizations throughout the United States. What makes NCB unique is that the bank was created to address the financial needs of an underserved market niche � people who join together cooperatively to meet personal, social or business needs, especially in low-income communities. Chartered by the 95th Congress on August 20, 1978, NCB commenced lending operations as a federal instrumentality on March 21, 1980. Congress appropriated $184 million of �seed money� in the form of U.S. Treasury Notes, which represented NCB�s initial capitalization and the government�s ownership of the bank. In 1981, NCB was privatized as a member-owned financial institution, and the seed money was converted into subordinated debt. At that time, the Class A preferred stock of NCB previously held by the United States was converted into Class A subordinated notes as of December 31, 1981. Since then NCB has been structured as a cooperative and all capital stock has been owned by borrowers or entities eligible to borrow from NCB. The legislation requires NCB to repay the $184 million, with interest, in full by 2020. To date, NCB has reduced the loan balance down to $85 million.