Welcoming 2021 was exciting for most of us after such a turbulent 2020. No one knew quite what to expect, but there was general sentiment of hope. We at M&F Bank are very pleased by our accomplishments in 2021. Despite the lingering difficulties, we were able to close out the year with record achievements including:
4 Large Equity Investments
M&F Bank received a total of $18 million equity investments from companies including Citibank, JP Morgan Chase, Wells Fargo, and Bank of America. The investments are a recognition of the critical role that minority depository institutions play in reducing the wealth gap among minorities and in underserved communities. M&F Bank, among other banks, was selected to receive equity infusions based on strong history of financial performance and its presence in some of the top performing banking markets in North Carolina.
Access to an expanded ATM network
Through a partnership with Wells Fargo established in March 2021, M&F Bank now offers free access to a nationwide network of approximately 13,000 ATMs. This partnership is a part of Wells Fargo’s commitment to support economic growth in African American communities. While M&F Bank customers will not have the ability to make deposits at Wells Fargo locations, you will have the ability to withdraw cash and check balances. M&F Bank understands that being able to access your money surcharge-free can assist in helping you achieve your financial goals. This nationwide expansion of our ATM network is highly beneficial for our customers who may not be near one of our branches.
Large institutional deposits
M&F received multiple large institutional deposits from large companies including Channel Advisor and Food Lion. These types of investments put the Bank in a stronger position to bolster our mission of strengthening North Carolina communities.
Successful continued participation in Paycheck Protection Program
Continuing our participation from 2020, in 2021 M&F Bank was able to provide $50 million in PPP loans to over 800 businesses in 81 cities in North Carolina. Minority firms received 70% of all PPP loans.
We are wordlessly thankful to our communities that made these achievements possible for us. The investments in our bank and partnerships that expand our network are for the benefit of our customers, and we are very happy to have the opportunity to serve you better. We thank you for your continued support and look forward to an even more successful 2022.