How this Durham bank aims to keep ‘wave of momentum’ from PPP, social justice movement

Aug 18, 2021, 7:00am EDT

After a year like no other, Durham based M&F Bank is “firing on all cylinders,” according to CEO Jim Sills. M&F, a historically Black-owned institution, was once at the center of what was called Black Wall Street in Durham. But it’s struggled to find relevance in recent years as big banks – from Wells Fargo (NYSE: WFC) to Bank of America (NYSE: BAC) – rack up market share in  the Triangle

DURHAM – M&F Bank is joining a new Citi Bank-led lending platform to help small-to-medium-sized businesses access loans of up to $10 million.

The North Carolina-based bank – the second oldest minority bank in the U.S. — is one of 18 banks chosen to join the Bridge built by Citi platform that aims to make the borrowing process “more equitable.”

Described as a “digital meeting place,” it allows borrowers and lenders to connect through a “simple online request.” They can also track the loan process in real-time.

“We are excited to be included,” James Sills, M&F Bank’s president and CEO, told WRAL TechWire. “The Bridge platform allows us to cast the net wider to lend beyond our five primary markets using technology.

RESEARCH TRIANGLE PARK, N.C., Aug. 31, 2021 /PRNewswire/ — ChannelAdvisor Corporation (NYSE: ECOM), a leading provider of cloud-based e-commerce solutions that enable brands and retailers to increase global sales, announced today that it has made a $3 million deposit at M&F Bank, a historic Durham-based community bank committed to personal and community development in North Carolina. Both companies are teaming up to help promote sustainable growth among local minority-owned businesses.

With this deposit, ChannelAdvisor recognizes M&F Bank’s long-standing mission to provide financial solutions, including commercial loan opportunities, for individuals and business owners in underserved communities. As the second-oldest Black-owned bank in the U.S., M&F Bank was the ideal financial institution for ChannelAdvisor’s deposit, which aims to bolster the inclusive recoveries of companies impacted by the ongoing pandemic.