While they aren't synonymous—although there is some overlap between the two categories—community development financial institutions and minority depository institutions have common roots in a shared historical purpose. “The roots of the CDFI banking sector began with the minority depository institutions,” says Jeannine Jacokes, chief executive of the Community Development Bankers Association. “In the early 20th century, when it was legal to refuse service to a customer on the basis of race, Black business people began organizing financial institutions that were Black-owned and committed to serving Black customers—and as populations of other communities of color grew, the diversity of the minority depository institutions grew as well.” Southern Bancorp and Bank of Anguilla are mentioned.