Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. As part of that commitment, today the company is announcing it has now completed 7 equity investments in Minority Depository Institutions and Community Development Financial Institution Banks.
Bank of America has acquired approximately 4.9% of common equity in each organization as part of its broader $50 million commitment to MDIs and CDFI Banks. These investments will facilitate benefits across multiple states and in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services.
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“We are pleased to provide equity capital to these institutions so they can continue to serve their communities well. We expect to complete more of these investments over time,” said Brian Moynihan, CEO of Bank of America.
Today’s announced investments, plus those completed in September, bring the total number of investments to 7. They are:
- CSB&T Bancorp, Inc. (parent company of Citizens Savings Bank and Trust);
- First Independence Corporation;
- Liberty Financial Services, Inc.;
- M&F Bancorp, Inc.;
- SCCB Financial Corp. (parent company of Optus Bank);
- Southern Bancorp, Inc.;
- Unity National Bank of Houston, N.A.
In addition to these investments, Bank of America also operates a $1.6 billion Community Development Financial Institution (CDFI) portfolio with 255 partner CDFIs across all 50 states, providing access to capital to thousands of individuals and small businesses who do not qualify through traditional lenders
