Bank On Our Communities Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to provide that the needs and viability of insured depository institutions with total assets of less than $5 billion (small financial institutions) may be taken into account by the Secretary of the Treasury when exercising authority under EESA.
Establishes within the Treasury the Community Credit Renewal Fund to provide up to $15 billion in assistance to community banking institutions.
Prescribes the manner in which a community banking institution may establish its long-term viability by demonstrating receipt of capital from investors other than the Secretary.
Subjects a community banking institution to penalties if has failed by December 31, 2010, to: (1) increase its total amount of commercial, industrial, and consumer loans by a dollar amount equal to the amount of capital received from the Secretary; or (2) increase its total amount of commercial and industrial loans by a dollar amount at least 5 % greater than the smallest amount of such loans held by the community banking institution as of any quarter end of the first three quarters in calendar year 2009.
Prescribes lending incentives to spur commercial and industrial loans by a community banking institution.
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