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BofA completes equity infusions in 7 minority, community development banks
Tuesday, October 6, 2020 12:02 PM ET By Maricor ZapataMarket Intelligence Bank of America Corp. completed equity investments in seven minority depository institutions and community development financial institution banks, out of the $1 billion four-year commitment it...
How this Black-owned bank in Durham will use infusion from Bank of America
Charlotte banking giant Bank of America (NYSE: BAC) has taken a 4.9 percent stake in the holding company behind Durham-based M&F Bank – a $500,000 investment. The move, described in a recent securities filing, is part of a broader push by Bank of America to invest...
Travis Rouse graduates as part of the inaugural class of Senior Leadership Development Institute
RALEIGH, N.C. – The inaugural class has graduated from the Senior Leadership Development Institute (SLDI). SLDI was established in late 2019 to foster the development of leaders poised to take the next step in their careers and is designed for mid- and senior-level...
Valerie Quiett added to CFPB Advisory Committee
The Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to four of its advisory boards including the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research...
Bank Black Durham campaign strives to reinvest in minority ownership of homes, businesses
By Lora Lavigne, WRAL reporter Two men in Durham have launched a movement to increase Black ownership of homes and small businesses in Durham. Their campaign, called Bank Black Durham, is working to shed light on the role banks play in shaping minority communities....
Public focus on equality opens doors for some Black-owned banks
The number of Black-owned banks in the U.S. has been dwindling, but recent regulatory changes and momentum to fight social injustice are creating some tailwinds for the minority depository institutions. Since 2002, the number of Black-owned banks has fallen 47.5% to...
North Carolina tech company switches to Black-owned community bank for $3M account
Durham’s “Black Wall Street” doesn't look quite the same. One of the most well-known businesses on Parrish Street recently underwent a facelift, giving the historic Mechanics and Farmers Bank a new look. A group of prominent African American businessmen in Durham...
The Historic Mechanics And Farmers Bank Gets A Facelift
Durham’s “Black Wall Street” doesn't look quite the same. One of the most well-known businesses on Parrish Street recently underwent a facelift, giving the historic Mechanics and Farmers Bank a new look. A group of prominent African American businessmen in Durham...
Opinion: Investing in Black-owned banks invests in your community
In the year 2000, there were over 50 black-owned banks and today there are just over 20. Some 60% of Black people are unbanked or underbanked. Over the past two months, I reached out to the president/CEO or chair of each of the black-owned banks across the United...
Racial Justice Protests Prompt People To Move Their Money Into Black Banks
Netflix announced it is moving $100 million in deposits into Black-owned financial institutions to help close the racial wealth gap. As Black Lives Matter protests continue across the U.S., individuals, and companies are backing up their words with action by moving...
