Neglected minority-owned banks now attracting billions in funding and donations By Khristopher J. Brooks How does COVID bill help Black-owned businesses?
The U.S. government is giving billions of dollars to minority-owned banks with an aim of helping to revitalize low-income communities in cities like Atlanta, Detroit and New Orleans. Some of the nation s largest financial institutions are also pitching in, recently commiting about $140 million to banks of color.
Minority Depository Institutions, or MDIs, have received $50 million as part of Bank of America s billion-dollar commitment last year to enhance racial equality, as well as $50 million and $40 million donations, from Wells Fargo and JPMorgan Chase, respectively, as part of similar pledges to support underrepresented communities.
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Wells Fargo & Co (NYSE: WFC) has announced equity investments in five Black-owned banks as part of its pledge of investing up to $50 million in Black Minority Depository Institutions (MDIs).
What Happened: The San Francisco-headquartered financial institution’s investments were aimed at two Georgia-based banks Carver State Bank in Savannah and Citizens Trust Bank in Atlanta plus First Independence Bank in Detroit, Liberty Bank in New Orleans and Unity National Bank in Houston.
This is Wells Fargo’s second round of investments in the MDIs. In February, the company announced investments in Broadway Federal Bank in Los Angeles, Carver Federal Savings Bank in New York City, Citizens Savings Bank & Trust in Nashville, Commonwealth National Bank in Mobile, Alabama, M&F Bank in Durham, North Carolina, and Optus Bank in Columbia, South Carolina.
CEO Feb 26, 2016
No one including Yelp CEO Jeremy Stoppleman rejects the struggles of former Yelp employee Talia Jane, which she detailed in an open letter to Stoppleman on Medium outlining how hard it is to pay her rent, buy groceries (she can’t even afford bread and lives on rice and water) or even drive to work in the San Francisco. Indiana Apr 3, 2015
CEO Feb 26, 2016
No one including Yelp CEO Jeremy Stoppleman rejects the struggles of former Yelp employee Talia Jane, which she detailed in an open letter to Stoppleman on Medium outlining how hard it is to pay her rent, buy groceries (she can’t even afford bread and lives on rice and water) or even drive to work in the San Francisco. Indiana Apr 3, 2015
CEO Feb 26, 2016
No one including Yelp CEO Jeremy Stoppleman rejects the struggles of former Yelp employee Talia Jane, which she detailed in an open letter to Stoppleman on Medium outlining how hard it is to pay her rent, buy groceries (she can’t even afford bread and lives on rice and water) or even drive to work in the San Francisco. Indiana Apr 3, 2015