Bank of America Announces 10 Completed Equity Investments in Minority Depository Institutions and Community Development Financial Institution Banks
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: Business Wire
CHARLOTTE, N.C.--(BUSINESS WIRE)--On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity, of which $50 million is dedicated to support minority depository institutions (MDIs) and community development financial institution (CDFI) banks. As part of that commitment, today the company is announcing it has now completed 10 equity investments in these institutions, acquiring approximately 4.9% of common equity in each organization as part of the broader $50 million commitment. 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.“By providing equity capital to minority depository institutions, critical projects can be scaled. MDIs are closely connected to the needs of their communities, and these investments will help transform and enable more positive change and economic oppor
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