Retrieved on:
Thursday, February 29, 2024
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Partnership State Street Corporation (NYSE: STT) today announced a $100 million program to provide low-cost, stable deposit funding to minority depository institutions (MDIs)1 and Community Development Financial Institutions (CDFIs)2, to support the firms’ collective missions of addressing inequities in our communities by working toward a more just and equitable future.
Key Points:
- State Street Corporation (NYSE: STT) today announced a $100 million program to provide low-cost, stable deposit funding to minority depository institutions (MDIs)1 and Community Development Financial Institutions (CDFIs)2, to support the firms’ collective missions of addressing inequities in our communities by working toward a more just and equitable future.
- As a part of this program, the firm is initially partnering with two mission-driven MDIs - Optus Bank and Mechanics & Farmers Bank (M&F Bank).
- Both MDIs and CDFIs support low-to-moderate income communities through lending, affordable housing and workforce development.
- This program, builds upon State Street’s actions to advance racial equity.
Retrieved on:
Tuesday, February 6, 2024
Cloud,
Partnership,
CDFI,
Mechanics and Farmers Bank,
Mechanics,
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Community development,
African Americans,
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Community development financial institution,
Mobile phone Wilmington, N.C., Feb. 06, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced that Mechanics and Farmers Bank (M&F), the second-oldest African American owned bank in the United States, is live on the nCino Cloud Banking Platform .
Key Points:
- Wilmington, N.C., Feb. 06, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced that Mechanics and Farmers Bank (M&F), the second-oldest African American owned bank in the United States, is live on the nCino Cloud Banking Platform .
- The technology upgrade is helping M&F process loans more quickly and creating increased convenience and connectivity for the underserved markets it intentionally serves.
- For 116 years, M&F Bank has been focused on a critical mission; providing access to capital to diverse communities.
- “We’re excited to be using nCino, one of the best platforms in the industry, to foster this mission and empower our associates to meet the needs of our customers with excellence.
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Ley line DURHAM, N.C., May 26, 2022 /PRNewswire/ -- Leyline Renewable Capital, the leading provider of development-stage capital for renewable energy projects, announced a deposit with M&F Bank, the only minority-owned bank and community development financial institution in North Carolina. Leyline's deposit in M&F Bank's Empower Share Class Fund, also known as an ESC Fund, bolsters M&F's mission to support underserved communities through lending, investing in technology and providing financial literacy programs.
Key Points:
- DURHAM, N.C., May 26, 2022 /PRNewswire/ -- Leyline Renewable Capital , the leading provider of development-stage capital for renewable energy projects, announced a deposit with M&F Bank , the only minority-owned bank and community development financial institution in North Carolina.
- "Leyline's investment in M&F Bank is an investment in our shared commitment to a more equitable future for our local community and beyond."
- "We connected Leyline to this opportunity to work with M&F Bank, because of the companies' shared dedication to equitable development."
- Leyline Renewable Capital invests in the development, construction and financing of sophisticated renewable energy projects.
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Management The number of Black-led banks in the U.S. has been steadily declining , from48 in 2001, to 20 in 2020.
Key Points:
- The number of Black-led banks in the U.S. has been steadily declining , from48 in 2001, to 20 in 2020.
- Due to this decline, Black communities have faced limited banking access and opportunity, which has created a racial wealth and funding gap.
- Managed by the Local Initiatives Support Corporation (LISC), the Fund has deployed $55 million in capital in support of Black-led financial institutions, anchor institutions, and businesses.
- HubSpot (NYSE: HUBS) is a leading customer relationship management (CRM) platform that provides software and support to help companies grow better.
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Public relations With this deposit, ChannelAdvisor recognizes M&F Bank's long-standing mission to provide financial solutions, including commercial loan opportunities, for individuals and business owners in underserved communities.
Key Points:
- With this deposit, ChannelAdvisor recognizes M&F Bank's long-standing mission to provide financial solutions, including commercial loan opportunities, for individuals and business owners in underserved communities.
- As the second-oldest Black-owned bank in the U.S., M&F Bank was the ideal financial institution for ChannelAdvisor's deposit, which aims to bolster the inclusive recoveries of companies impacted by the ongoing pandemic.
- We thank ChannelAdvisor for the trust in M&F Bank to be their financial partner," said James Sills, President and CEO, M&F Bank.
- For more details about ChannelAdvisor, visit ChannelAdvisor's blog , follow ChannelAdvisor on Twitter @ChannelAdvisor , like ChannelAdvisor on Facebook and connect with ChannelAdvisor on LinkedIn .
Retrieved on:
Tuesday, February 23, 2021
NEW YORK, Feb. 23, 2021 /PRNewswire/ --JPMorgan Chase today announced initiatives to further support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs), as part of the firm's recently announced $30 billion commitment to advancing racial equity.
Key Points:
- NEW YORK, Feb. 23, 2021 /PRNewswire/ --JPMorgan Chase today announced initiatives to further support Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs), as part of the firm's recently announced $30 billion commitment to advancing racial equity.
- These new initiatives are focused on strengthening minority-owned and diverse-led financial institutions by providing additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects and mentorship and training opportunities.
- By mid-year, JPMorgan Chase is expecting to increase its investments in MDIs to also include Latinx-led institutions.
- JPMorgan Chase is providing more than $300 million in additional financing to CDFIs over the next five years.
