Curated News
By: NewsRamp Editorial Staff
July 09, 2024

MDBF Announces Second Close of $65 Million to Support Minority Depository Institutions and Community Development Financial Institutions

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Source News Release

TLDR

  • Investing in the Mission Driven Bank Fund can provide banks with assets ranging from $6 billion to over $150 billion an opportunity to support minority depository institutions and community development financial institutions, gaining a competitive advantage in the impact investing ecosystem.
  • The Mission Driven Bank Fund has closed $65 million, bringing the total to over $177 million, dedicated to supporting FDIC-insured Minority Depository Institution and Community Development Financial Institution banks in closing the racial wealth gap.
  • The Mission Driven Bank Fund aims to foster a more inclusive banking system by investing in CDFIs and MDIs that target African American, Native American, Asian, Hispanic, and Pacific Islander communities, with the mission of driving significant growth and financial resiliency in the mission-driven bank sector to close the racial wealth gap.
  • The Mission Driven Bank Fund welcomes new limited partners, including banks like Lake City Bank, Enterprise Bank & Trust, Hancock Whitney Bank, and Banner Bank, in its mission to help people and communities achieve their financial dreams.

Impact - Why it Matters

This news matters as it highlights the ongoing effort to support Minority Depository Institutions and Community Development Financial Institutions in closing the racial wealth gap, ultimately leading to stronger and more inclusive banking systems and improved financial resiliency in underserved communities.

Summary

The Mission Driven Bank Fund (MDBF) announced its second close of $65 million, bringing the Fund to over $177 million of capital dedicated to supporting FDIC-insured Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI) banks in closing the racial wealth gap. The Fund welcomed new limited partners, including banks with assets ranging from $6 billion to over $150 billion, such as Lake City Bank, Enterprise Bank & Trust, Hancock Whitney Bank, and Banner Bank. The Fund's objective is to drive significant growth and financial resiliency in the mission-driven bank sector to close the racial wealth gap.

Source Statement

This curated news summary relied on this press release disributed by 24-7 Press Release. Read the source press release here, MDBF Announces Second Close of $65 Million to Support Minority Depository Institutions and Community Development Financial Institutions

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