Inaugural 2011 Consumer Bankers Association Award Recognizes Discover Bank for Providing Grants, Loans and Expertise to Create Unique Assistance Program
RIVERWOODS, Ill., Jul 20, 2011 (BUSINESS WIRE) -- Discover Bank, a subsidiary of Discover Financial Services (NYSE: DFS), has been named the first recipient of the Consumer Bankers Association (CBA) Joe Belew Award, an honor presented to an association member that demonstrates the most innovative and effective program to address a pressing social issue.
Discover Bank's Comprehensive Rural Housing Opportunity Program (CRHOP) received the award for its contributions to the Milford Housing Development Corporation (MHDC), a non-profit organization that expands affordable housing services to low- and moderate-income families and seniors in southern rural Delaware.
"Discover Bank is proud to be honored for our program that makes affordable homes and rental units a reality for over 2,300 families in Delaware every year," said Discover Bank President Christina Favilla. "Our financial literacy and housing self-help programs are just a few of the ways we are constantly working to create and inspire lasting impacts within our communities."
Discover Bank's program delivered lending, investment and technical assistance solutions to help MHDC obtain the necessary resources, including debt and equity instruments, to meet the housing needs of this segment of the community. Discover provided MHDC the tools to build a balance sheet necessary to produce high quality efficient housing solutions for the community.
The CBA Joe Belew Award program was established to honor the former CBA president and his service in community development. The goal of the award is to combine bank intelligence and experience into creating solutions and raising awareness of a pressing social issue. The 2011 focus area for the award was housing in low- and moderate- income communities. CBA member banks were judged on their program innovation and effectiveness in addressing this issue.
"I was honored to have the opportunity to announce Discover Bank as the first recipient of CBA's Joe Belew Award," said Richard Davis, chairman, president and CEO of U.S. Bancorp and former CBA Board of Directors chairman. "Discover's Comprehensive Rural Housing Opportunity Program is a terrific example of both an effective and innovative program addressing the need for housing in LMI communities. I congratulate Discover Bank for this achievement and CBA for establishing this important award. It will serve as a poignant reminder of a man so many of us knew and admired."
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit http://www.discoverfinancial.com.
SOURCE: Discover Financial Services
Discover Financial Services
Jon Drummond, 224-405-1888
jondrummond@discover.com