Craft3 Announces Leadership Updates

Organization celebrates 30 years of providing financial services to communities, looks to build on established strengths as effective, responsible Community Development Financial Institution.

More than 170 investors have current commitments of more than $250 million in financial support to Craft3. In 2023, Craft3 invested more than $76 million in underserved borrowers.

‍

SEATTLE, Wash. (March 15, 2024) – Today Craft3, a non-bank, nonprofit community lender certified by the Department of the Treasury, announced leadership updates at its organization. The leadership updates were shared as part of the ongoing implementation of its Strategic Plan that looks to expand equitable access to capital, deepen its capacity to serve communities and build on an established track record that combines strong growth and effective, responsible operations.

After eight years as CEO and more than 20 years at Craft3, CEO Adam Zimmerman will transition out of the organization. Zimmerman joined Craft3 employees earlier this week in celebrating the growth of the organization under his leadership – Craft3 grew from 54 employees to more than 90, revenue increased by nearly 100 percent and net assets increased by 80 percent. Aeris, an independent, industry recognized ratings body of Community Development Financial Institutions (CDFIs) like Craft3 nationally, also recently upgraded its financial strength and performance rating of the organization from A+ to AA-.

“On behalf of our Board and our entire organization, we applaud Adam for his service and contributions to the mission of Craft3,” said Board Chair Paul Benoit. “We are confident that President and interim CEO Bruce Brooks, in collaboration with a recently formed Leadership Committee that draws senior executives from across the organization and represents 100 years of experience at Craft3, will ensure a seamless delivery of financial services as we conduct a process to identify a new CEO.”

“As I also look ahead to handing the reins of Chair after 8 years to the next leader of our Board in the coming year,” Benoit continued, “I am humbled by the time I have had the opportunity to help see our organization expand its capacity to provide financial services to those historically underserved by larger banking institutions.”

Benoit will continue to serve on the Board of Directors after transitioning from his role as Chair.

“It has been my joy and life’s work to help build Craft3 alongside our growing team in support of the communities who rely on our services,” said outgoing CEO Adam Zimmerman. “I know that the organization is in great hands as it continues to work with its partners and communities in the years ahead.”

“I am honored to have the opportunity to add the responsibilities of CEO to my on-going work as President of Craft3,” said incoming interim CEO Bruce Brooks. “As we continue to implement our Strategic Plan, building on the strengths established in our first 30 years of service to the community, we will also work to continue building on the strengths of our employees by fostering an inclusive workplace that empowers more effective collaboration and improved opportunities for them as well as for those we serve.”

Community Development Financial Institutions such as Craft3 are certified by the Department of the Treasury to offer financial services to underserved populations. And in accordance with industry standards, Craft3 adheres to the specific rules and expectations governing relationships between creditors, borrowers and lenders. 

‍

Details on Bruce Brooks, President and Interim CEO

Mr. Brooks, as President, leads and provides oversight for Craft3’s strategy, innovation and evaluation efforts, capital development work, enterprise risk management, and legal and external affairs. He also provides direct support to the CEO for overall operations of the organization. Mr. Brooks re-joined the Craft3 team in October 2021, after serving as Executive Vice President and General Counsel for the organization from 2016 to 2019. In the intervening period he was a General Partner with Perch Partners, a strategic brand advisory and management consulting firm where he provided business and strategic advice to clients and managed firm operations, finance, human resources, and legal functions. He also served on Craft3’s Board of Directors during 2021 before resigning to assume the role of President. Mr. Brooks has a diverse business and legal career spanning 40 years, holding a number of leadership positions operating at the intersection between business and community within the public and private sectors.

About Craft3

Established in 1994, Craft3 is a nonprofit community development organization that uses capital, relationships, and voice to build a thriving, just and empowered Pacific Northwest. It invests in people, businesses, and communities, and work towards a future of shared prosperity across our region. Since our founding, we have invested more than $840 million, and our efforts have supported 1,950 entrepreneurs and more than 9,340 homeowners of all income levels. Learn more at www.Craft3.org.