State Street Announces $100 Million Program for Minority Depository Institutions and Community Development Financial Institutions
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.
- 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.