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Citi invests in mortgage tech in push to close racial wealth gap

Citi invests in mortgage tech in push to close racial wealth gap
americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.

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Citi Eyes Mortgage Tech in Push to Close Racial Wealth Gap

Citi Eyes Mortgage Tech in Push to Close Racial Wealth Gap
wealthmanagement.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wealthmanagement.com Daily Mail and Mail on Sunday newspapers.

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Wells Fargo & Company (NYSE:WFC) - Wells Fargo Makes Equity Investments In Five Black-Owned Banks

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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. ....

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Wells Fargo Makes Major Investment in Six Black-Owned Banks — The Sacramento Observer

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. ....

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Wells Fargo Makes Major Investment in Six Black-Owned Banks

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. ....

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