The Washington Area Community Investment Fund (Wacif) has officially announced Shannan Herbert as its new CEO. With a distinguished background in finance, including roles in commercial banking, community development banking, fintech, and the nonprofit sector, Herbert brings a wealth of experience to her new position. Her career has been dedicated to providing capital and capacity building support to historically under-resourced communities.
Prior to joining Wacif, Herbert served as the Executive Vice President of Inclusive Credit at Stratyfy, a woman-owned fintech company, and held the position of Executive Vice President and Chief Credit Officer at City First Bank in DC, a prominent CDFI and one of the largest Black-led banks in the country. Known for her innovative strategies and commitment to positive change, Herbert is poised to lead Wacif into a new era of growth and impact.
Nancy Stark, Board Chair of Wacif, expressed confidence in Herbert’s ability to further the organization’s mission of promoting equity and economic opportunity across the DC region. Stark highlighted Herbert’s dedication to financial inclusion and her track record of breaking down barriers that hinder resource flow in communities of color as key factors aligning with Wacif’s goals.
Herbert’s community involvement extends beyond her professional roles, with board service at Beacon House, The Arc of Prince George’s County, and Rochdale Capital. She holds a Bachelors in Business Administration from Howard University and an MBA from Loyola University Maryland.
In response to her appointment, Herbert expressed admiration for Wacif’s commitment to community building beyond financial support. She emphasized the organization’s holistic approach to fostering vibrant communities through initiatives like food security and affordable childcare. Herbert looks forward to leading Wacif into a new chapter of growth and impact in collaboration with the community, the team, the board, and partners.
Her selection as CEO followed a rigorous national search led by Koya Partners, engaging nearly 400 leaders in CDFIs/small business lending, community development, entrepreneurship, government, and urban development. From a pool of highly talented finalists, Herbert emerged as the unanimous choice of the board for her exceptional skills, experience, and dedication to community empowerment.