October 27, 2020

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The Business Ordered

Bank of The usa Announces 7 Done Fairness Investments in Minority Depository Institutions and Group Growth Money Institution Banks

3 min read

CHARLOTTE, N.C.–(Business WIRE)–
On June 2, Lender of America produced a $1 billion, 4-12 months commitment to advance racial equality and economic possibility. As aspect of that dedication, now the organization is asserting it has now finished 7 equity investments in Minority Depository Establishments and Group Progress Financial Establishment Banking institutions.

Lender of The usa has obtained somewhere around 4.9% of typical fairness in each individual business as aspect of its broader $50 million commitment to MDIs and CDFI Financial institutions. These investments will facilitate positive aspects throughout several states and in the communities that these institutions provide by way of lending, housing, community revitalization, and other banking services.

“We are delighted to give equity funds to these establishments so they can proceed to serve their communities well. We assume to full a lot more of these investments above time,” mentioned Brian Moynihan, CEO of Financial institution of The united states.

Today’s announced investments, as well as these completed in September, deliver the total selection of investments to 7. They are:

  • CSB&T Bancorp, Inc. (mum or dad corporation of Citizens Price savings Lender and Have confidence in)
  • To start with Independence Company
  • Liberty Economical Providers, Inc.
  • M&F Bancorp, Inc.
  • SCCB Fiscal Corp. (guardian organization of Optus Financial institution)
  • Southern Bancorp, Inc.
  • Unity Nationwide Financial institution of Houston, N.A.

In addition to these investments, Lender of The united states also operates a $1.6 billion Local community Enhancement Financial Institution (CDFI) portfolio with 255 spouse CDFIs across all 50 states, supplying obtain to cash to hundreds of men and women and little firms who do not qualify as a result of regular lenders.

The latest Bank of The united states announcements targeted on racial equality, diversity and inclusion and economic option consist of:

Lender of The us
At Lender of The united states, we’re guided by a prevalent goal to support make economical lives improved, through the electrical power of each link. We’re delivering on this via responsible advancement with a target on our environmental, social and governance (ESG) management. ESG is embedded across our eight traces of business enterprise and reflects how we assistance fuel the global economy, construct belief and trustworthiness, and signify a corporation that persons want to operate for, spend in and do company with. It is demonstrated in the inclusive and supportive place of work we generate for our staff, the responsible solutions and companies we offer you our consumers, and the impact we make close to the globe in serving to nearby economies thrive. An crucial section of this operate is forming robust partnerships with nonprofits and advocacy groups, such as local community, consumer and environmental corporations, to bring together our collective networks and know-how to realize bigger affect. Study much more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

For more Financial institution of The usa news, which includes dividend bulletins and other essential details, stop by the Financial institution of America newsroom and register for news e mail alerts.

www.bankofamerica.com

Watch source edition on businesswire.com: https://www.businesswire.com/news/house/20201005005449/en/

Reporters May perhaps Speak to:
Jessica Oppenheim, Bank of America, 1.646.855.1600
[email protected]

Supply: Bank of The united states

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