Bank of America Doubles MDI Deposits with Additional $100 Million to Support Minority, Community Small Business Owners | Techy Kings

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Bank of America today announced an additional $100 million in low-cost deposits to minority depository institutions (MDI), which will facilitate lending, housing, neighborhood revitalization and other banking services in minority and low- to moderate-income communities.

The program will double Bank of America’s existing $100 million in deposits MDIpart of the company’s industry-leading $2 billion portfolio of loans, deposits and investments in Community Development Financial Institutions (CDFI) and MDI.

This low cost deposit will help MDI expand their lending capacity and leverage investments made by Bank of America and other institutions across the US, as well as the US Treasury Department’s Emergency Capital Investment Program (ECIP).

“It is recognized that it is MDI is a critical resource to minority and underserved communities by providing banking services, creating jobs and helping businesses grow,” said D. Steve Boland, Chief Administrative Officer of Bank of America. “As a founding member of the Economic Opportunity Coalition, we are committed to finding innovative ways to increase and expand the reach of our capital to provide access to economic opportunity and support diverse communities across the country.”

This builds on the company’s longstanding efforts to advance racial equality and economic opportunity, including $42.5 million in equity investments to 22 MDI and CDFI bank, of which Bank of America will acquire up to 4.9% of common equity. It also includes our commitment of $350 million to more than 100 private equity funds that provide capital to minority and women entrepreneurs and small business owners.

MDI is a federally insured depository institution of which (1) 51% or more of the voting stock is owned by minority individuals; or (2) the majority of the board of directors is minority and the community served by the institution is predominantly minority.

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investment, asset management and other financial and risk management products and services. The company provides unparalleled convenience in the United States, serving approximately 67 million consumer and small business customers with approximately 4,000 retail financial centers, approximately 16,000 ATM and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across multiple asset classes, serving companies, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a range of innovative and easy-to-use online products and services. The company serves customers through operations throughout the United States, its territories and approximately 35 countries. Shares of Bank of America Corporation (NYSE: BAC) is listed on the New York Stock Exchange.

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Anu Ahluwalia, Bank of America
Phone: 1.646.855.3375
anu.ahluwalia@bofa.com

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