Partnership Aims to Narrow Digital Divide
Genesis Bank, announced that it has entered into an agreement to be the exclusive national banking partner of Excess Telecom, an officially licensed nation-wide provider of free internet access and low cost tablets to low- and moderate-income communities. Founded in 2013, Excess is an approved internet service provider licensed through the Affordable Connectivity Program (“ACP”), a government program operated by the Federal Communications Commission. Founded in 2021, Genesis Bank is one of only two diverse, multiracial Minority Depository Institutions (“MDI”), out of nearly 4,800 banks in the U.S. This partnership provides Genesis Bank and Excess the opportunity to address and serve those most impacted by the digital divide that exists across minority and LMI communities throughout the country. By promoting economic and intellectual growth through the distribution of reliable, affordable, and accessible premium wireless internet service and enabled tablets, access to education, information, and knowledge is readily available at one’s fingertips.
“On behalf of Genesis Bank, the Genesis Bank Institute of Entrepreneurship (“GBIE”
Stephen H. Gordon, Founding Chairman and Chief Executive Officer of Genesis Bank, stated, “On behalf of Genesis Bank, the Genesis Bank Institute of Entrepreneurship (“GBIE”), our business accelerator and advisory division, and the Genesis for Good Foundation, our public foundation that supports financial literacy, mentorships, economic and workforce development, internships, and technical assistance, we are excited to announce this important and exclusive partnership with Excess Telecom. For nearly a decade, Excess Telecom has distinguished itself with an extensive and leading track record of empowering LMI and minority communities through access to premium broadband technology and services, both at the local and national levels.”
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Mr. Gordon added, “We built Genesis to be a financial institution that leads by example; one that is meant to have an impact and make a difference, while providing our clients with a full suite of commercial banking products, services, and solutions supported by leading technology. Since our initial launch, we have committed to live up to our unique designation by the FDIC as one of only two diverse, multiracial Minority Depository Institutions in the country, by making an impact in our communities in ways not typical for financial institutions. Through this exclusive partnership, we are excited to now have the unique capability to leverage our deep relationships and distribution across the majority minority and LMI communities of Southern California and beyond, and deliver, through Excess, essential internet and telecommunication services to those in need, while broadening our collaboration with the educational, collegiate, municipal, low-income housing, and philanthropic focused community organizations. We strongly believe that our collective efforts will help narrow the digital gap that continues to exist between demographics and LMI and majority minority communities that lack access to digital technology and connectivity.”
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Cobby Pourtavosi, President of Excess Telecom, stated, “We believe that connectivity cost should not be a factor in joblessness, food insecurity, access to medical care, or access to education. We live in a society that increasingly demands connectivity to maintain function in society, yet, there is a divide amongst the haves and the have nots. We firmly believe that all Americans should have access to work, education, medical assistance, family, and more. By partnering with Genesis Bank and their wide net of community partners, we have a chance to narrow the digital divide in these often overlooked and underserved communities, giving them the connectivity required by the American economic system.”
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