4 of the most important U.S. banks have made fairness investments in M&F Financial institution, which is able to leverage the capital to develop its franchise and higher serve its prospects.
Late final yr and early in 2021, Wells Fargo, CitiBank, JPMorgan Chase Investments, and Financial institution of America all invested within the financial institution, which totaled $18 million. The investments improve the overall capital of the corporate to greater than $40 million.
M&F Financial institution mentioned in a launch it can make the most of the funds to implement new expertise and automation, to supply extra services and products to its prospects together with free entry to a nationwide community of greater than 13,000 ATMs, producing a stronger department community and better entry to capital in underserved communities.
M&F Financial institution president and CEO James Sills mentioned in a press release the financial institution is worked up to obtain the investments as MDIs will play a vital position in closing the racial wealth hole.
“We’re excited and honored to obtain these investments in recognition of the important position that MDIs play in lowering the wealth hole amongst minorities and in underserved communities. This additionally acknowledges our deep and long-standing connection to the folks and companies of North Carolina who want us now greater than ever as they start to rebuild from the pandemic,” Sills mentioned in a launch. “Strategic partnerships corresponding to these are a part of the trouble to generate a extra inclusive restoration for communities of colour which were disproportionately impacted by the pandemic.”
M&F Financial institution was based in 1907 in North Carolina and is the second-oldest minority-owned financial institution within the U.S. As of December 31, 2020, the financial institution had greater than $309.1 million in property.
“These investments are a testomony to the power of the franchise, well being and soundness of the Firm and the communities we serve,” Sills added.
M&F Financial institution’s mission is to advertise private and neighborhood improvement by offering capital to small and medium-sized companies in native communities.