On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. As part of that commitment, today the company is announcing it has now completed seven equity investments in minority depository institutions (MDIs) and community development financial institution (CDFI) banks.
Bank of America has acquired approximately 4.9% of common equity in each organization as part of its broader $50 million commitment to MDIs and CDFI banks. These investments will facilitate benefits across multiple states and in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services.
“We are pleased to provide equity capital to these institutions so they can continue to serve their communities well. We expect to complete more of these investments over time,” said Brian Moynihan, CEO of Bank of America.
In addition to these investments, Bank of America operates a $1.6 billion CDFI portfolio with 255 partner CDFIs across all 50 states, providing access to capital to thousands of individuals and small businesses who do not qualify through traditional lenders.
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).
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Jessica Oppenheim, Bank of America