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Financial institution of America Doubles MDI Deposits with Extra $100 Million to Help Minority Small Enterprise House owners, Communities

ByEditorialTeam

Oct 5, 2022

Financial institution of America immediately introduced a further $100 million in low-cost deposits to minority depository establishments (MDIs), which is able to facilitate lending, housing, neighborhood revitalization and different banking providers in minority and low- to moderate-income communities.

This program will double Financial institution of America’s present $100 million in deposits in MDIs, a part of the corporate’s {industry} main $2 billion portfolio of loans, deposits and investments in Neighborhood Improvement Monetary Establishments (CDFIs) and MDIs

These low-cost deposits will assist MDIs broaden their lending capability and leverage the investments made by Financial institution of America and different establishments throughout the U.S., in addition to the U.S. Division of Treasury’s Emergency Capital Funding Program (ECIP).

“It’s properly acknowledged that MDIs are a essential useful resource to minority and underserved communities by offering banking providers, creating jobs and serving to companies develop,” stated D. Steve Boland, Chief Administrative Officer of Financial institution of America. “As a founding member of the Financial Alternative Coalition, we’re dedicated to discovering modern methods to scale and broaden the attain of our capital to supply entry to financial alternatives and help various communities throughout the nation.”

This builds on the corporate’s longstanding work to advance racial equality and financial alternative, together with $42.5 million in fairness investments to 22 MDI and CDFI banks, of which, Financial institution of America will purchase as much as 4.9% of widespread fairness. It additionally consists of our dedication of $350 million to over 100 non-public fairness funds that present capital to minority and ladies entrepreneurs and small enterprise house owners.

MDIs are federal insured depository establishments for which (1) 51% or extra of the voting inventory is owned by minority people; or (2) a majority of the board of administrators is minority and the neighborhood that the establishment serves is predominantly minority.

Financial institution of America is without doubt one of the world’s main monetary establishments, serving particular person customers, small and middle-market companies and enormous firms with a full vary of banking, investing, asset administration and different monetary and danger administration services and products. The corporate offers unmatched comfort in america, serving roughly 67 million shopper and small enterprise shoppers with roughly 4,000 retail monetary facilities, roughly 16,000 ATMs and award-winning digital banking with roughly 55 million verified digital customers. Financial institution of America is a worldwide chief in wealth administration, company and funding banking and buying and selling throughout a broad vary of asset courses, serving firms, governments, establishments and people around the globe. Financial institution of America gives industry-leading help to roughly 3 million small enterprise households by a set of modern, easy-to-use on-line services and products. The corporate serves shoppers by operations throughout america, its territories and roughly 35 nations. Financial institution of America Company inventory (NYSE: BAC) is listed on the New York Inventory Change.

For extra Financial institution of America information, together with dividend bulletins and different vital data, register for information e mail alerts

 

Anu Ahluwalia, Financial institution of America
Telephone: 1.646.855.3375
[email protected]

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