Pax World Offers Community Development Money Market Account at ShoreBank
PORTSMOUTH, N.H. – October 14, 2008 – Pax World Management Corp., investment adviser to Pax World Funds (Pax World), a leader in the field of sustainable investing, today announced the launch of the new Pax World Money Market Account (PWMMA) at ShoreBank, the nation's first and leading community development and environmental banking institution.
Assets deposited in the PWMMA will help revitalize underserved communities through community development and conservation loans that spur neighborhood redevelopment projects, assist first-time home buyers, finance women- and minority-owned businesses, promote conservation, alternative energy, and "green collar" jobs, and help non-profit and faith-based organizations provide much-needed services.
The PWMMA (which is not a mutual fund) provides Pax World investors with a liquid option for their cash deposits. Account holders are able to exchange in and out of the PWMMA from any of the Pax World Funds, enjoy check writing capability, and will receive a consolidated statement that includes their PWMMA balance and history along with that of their Pax World Mutual Funds.
"The dynamic Pax World-ShoreBank partnership will encourage the growth of eco-friendly businesses and sustainable residential and commercial real estate development that will transform disinvested urban neighborhoods into strong, healthy communities," said Jean Pogge, ShoreBank Executive Vice President, Consumer and Community Banking. "The Money Market Account is FDIC insured and its impact on Midwest urban communities provides one of the best social returns available."
To achieve its community development purposes, ShoreBank makes loans in neglected, underserved low- to moderate-income urban neighborhoods in Chicago, Cleveland, and Detroit. Since its inception in 1973, ShoreBank has invested more than $3.5 billion to finance the purchase and renovation of more than 52,000 units of affordable housing and the creation of 11,000 new jobs for local residents.
"We are very pleased to support the vital work of ShoreBank," said Pax World CEO Joe Keefe, "and to provide our investors with the opportunity to support community economic development through this innovative cash management account."
ShoreBank is America's first and leading community development and environmental bank with more than $2.4 billion in assets (as of 12/31/07). ShoreBank is demonstrating that serving its triple bottom line goals of profitability, community development and conservation is both realistic and achievable. Since 1973, it has helped finance the purchase and renovation of more than 52,000 units of affordable housing. It has banking centers on Chicago's South and West Sides and in the Northwest Suburbs, and Detroit, MI, and Cleveland, OH. For more information, visit www.sbk.com.
The Pax World Funds are not affiliated with any bank and are not insured by the FDIC. ALPS Distributors, Inc., Pax World Management Corp. and Shore Bank are not affiliated. The PWMMA is not distributed by ALPS Distributors, Inc. The Pax World Money Market Account is distributed by ShoreBank Corporation.
The Pax World Funds' sustainable investing policies may inhibit the Funds' ability to participate in certain attractive investment opportunities that otherwise would be consistent with its investment objectives and other principal investment strategies.