The banking giant has selected six African American minority depository institutions (MDIs) for equity investments.
Based in Los Angeles, Broadway Federal Bank is one of the several minority depository institutions that Wells Fargo is investing in.
Broadway Federal Bank in Los Angeles, Carver Federal Savings Bank in New York, Citizens Savings Bank & Trust in Nashville, Commonwealth National Bank in Mobile, Ala., M&F Bank in Durham, N.C., and Optus Bank in Columbia, S.C., are receiving critical equity capital, because of Well Fargo’s generous contribution.
The financial commitment structure means that the investments are in the form of critical equity capital, which is foundational to the MDIs’ ability to expand lending and deposit-taking capacity in their communities.
Wells Fargo In observance of Black History Month, Wells Fargo has selected six African American minority depository institutions (MDIs) for equity investments: Broadway Federal Bank in Los Angeles, Carver Federal Savings Bank in New York, Citizens Savings Bank & Trust in Nashville, Commonwealth National Bank in Mobile, Ala., M&F Bank in Durham, N.C., and Optus Bank in Columbia, S.C.
The financial commitment structure means that the investments are in the form of critical equity capital, which is foundational to the MDIs’ ability to expand lending and deposit-taking capacity in their communities.
Wells Fargo said it is also supporting each MDI’s development through a banking relationship in the form of a single touchpoint coverage model that will help them access Wells Fargo’s expertise and pursue strategic priorities like entering new markets, expanding locations, designing new products, and hiring staff to support loan growth.
JPMorgan Chase has announced a series of new initiatives Tuesday to support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs) as part of a $30 billion commitment to advancing racial equity over the next five years, especially for Black and Latinx Communities.
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NEW YORK, Feb. 23, 2021 /PRNewswire/ JPMorgan Chase today announced initiatives to further support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs), as part of the firm s recently announced $30 billion commitment to advancing racial equity.
MDIs and CDFIs provide vital financial services in communities that are often underserved. In order to provide this necessary funding to underrepresented communities, many MDIs and CDFIs need additional capital themselves.
These new initiatives are focused on strengthening minority-owned and diverse-led financial institutions by providing additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects and mentorship and training opportunities.
(PRNewsfoto/Carver Bancorp, Inc.)
NEW YORK, Feb. 23, 2021 /PRNewswire/ Carver Bancorp, Inc. (the Company ) (Nasdaq: CARV), the holding company for Carver Federal Savings Bank ( Carver ), a certified Minority Depository Institution ( MDI ), announced today that JPMorgan Chase (NYSE: JPM) has made a long-term equity investment of approximately $6 million in common and preferred shares of the Company. JPMorgan Chase s equity investment represents approximately 3.4 percent of the Company s issued and outstanding common stock at purchase. In addition, the investment includes 5,000 shares of the Company s Series F preferred stock.
Carver expects to utilize the majority of the proceeds from JPMorgan Chase s investment to ramp up its lending activities to Minority and Women Business Entrepreneurs ( MWBEs ) and expand its financial education programs in the diverse low-to-moderate income communities it serves. Carver will also explore new initiatives that create economic empowerment in