The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

U.S. Bank Donates $100,000 to Portland Public Schools' Early Learners Academy

<p class='bwalignc'> <i><b>Funds to Support Operation of Northwest Program for Children in Underserved Area</b></i> </p>

Monday, August 06, 2012

U.S. Bank Donates $100,000 to Portland Public Schools' Early Learners Academy11:00 EDT Monday, August 06, 2012 PORTLAND, Ore. (Business Wire) -- U.S. Bank is contributing $100,000 to the operation of the Portland Public Schools' Early Learners Academy in northwest Portland. The academy offers educational programming for preschoolers in an area with limited options for families with young children. The donation comes at a time when the Portland Public School District, like others across the state, faces a significant gap between its operating budget and its ability to maintain current service levels. The donation is being made through a limited partnership formed by U.S. Bank and Turtle Island Development LLC to develop and own the Ramona Apartments. The Ramona provides high quality affordable housing, especially targeted to families with children, close to jobs, services, parks, and transit. The Early Learners Academy is located on the first floor of the Ramona. “At U.S. Bank, we take great pride in strengthening communities and empowering those who live and work in them,” said Malia Wasson, president for U.S. Bank in Portland. “Supporting programming that helps low-income and at-risk students succeed in school and prepare for ongoing educational opportunities is just one way we help meet the diverse needs of our communities.” Students attending the Early Learners Academy, located at 1545 NW 13th Street, are some of the 115 children living in the 138 apartments at the Ramona, are residents of the surrounding community and Old Town/China Town, or are homeless and living in the attendance area of Chapman School in Northwest Portland and Boise-Eliot and Beach schools in North Portland. U.S. Bank helped to finance the $50 million development of the Ramona Apartments in late 2009, providing $27.5 million of permanent funding through a letter of credit on publicly marketed bonds and Low-Income Housing Tax Credit equity from U.S. Bancorp Community Development Corporation. U.S. Bank also served as a construction lender on the development and provides Corporate Trust, Remarketing, and Deposit and Treasury Management Services. Additional financing for the Ramona was provided by the Portland Housing Bureau. Portland Public Schools leased space in the Ramona to serve the growing number of families with children in northwest Portland, particularly those in the more than 1600 units of affordable housing built with city support in the area, and many of whom are as far as two miles from Chapman Elementary. The Early Learners Academy offers educational programming in partnership with Neighborhood House including pre-kindergarten, Early Head Start, and Head Start. “Our goal is to ensure that every student succeeds, and getting early learners off to a strong start to their education is important,” said Portland Public Schools' Superintendent Carole Smith. “We're grateful for U.S. Bank's partnership, which will help us serve early learners and their families, even as we grapple with reduced state funding.” Despite financial hardship, Portland Public Schools is a district that is strong and stable by many measures. As noted in Smith's 2012-2013 Budget Message, enrollment is growing, student achievement is improving, and the achievement gap is narrowing. About Portland Public Schools Founded in 1851, Portland Public Schools is the largest school district in Oregon, serving more than 47,000 students from pre-kindergarten through high school. PPS is one of the rare urban school districts nationwide whose students regularly outperform the state average on achievement standards. In addition to highly trained teachers and staff, Portland Public Schools benefits from community, state and national partnerships, as well as strong family support. About U.S. Bancorp Community Development Corporation U.S. Bank is a recognized leader in financing a variety of community development initiatives. U.S. Bancorp Community Development Corporation, the tax credit investment subsidiary of U.S. Bank, finances community development and affordable housing projects through the use of New Markets, Historic, Low-Income Housing, and Renewable Energy Investment Tax Credit Programs. These equity investments have provided much needed revitalization and new resources to communities throughout the country. About U.S. Bank Commercial Real Estate U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, single and multi-family development, lines of credit, and syndications. With existing loan commitments of more than $25 billion and an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow. About U.S. Bank U.S. Bank is the largest bank in Oregon with a legacy dating back to 1891. U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com. U.S. Bank Public RelationsTeri Charest, (612) 303-0732teri.charest@usbank.comorPortland Public Schools Public AffairsMatt Shelby, (503) 916-3027mshelby@pps.net