Renegade Capital is the activist's podcast for finance and investments. The hosts, Leah Fremouw of Virginia Community Capital, Andrea Longton of OFN, and Ebony Perkins of Self-Help Credit Union, interview thought leaders who go into the ring every day to fight against the racist, sexist, and exclusive norms established by traditional financial and capital systems. Listeners walk away inspired by the guests and armed with actionable tips and tools to use money to create the world in which they want to live. The first episode was released on Tuesday, featuring special guest Cat Berman of CNote
Financial giant JPMorgan Chase has increased its direct equity investments in Minority Depository Institutions and Community Development Financial Institutions to $100 million and has added 10 new institutions as recipients. JPMorgan Chase has announced investments in the following Black- and Latino- led MDIs and CDFIs: Arkadelphia, Arkansas-based Southern Bancorp; Savannah, Georgia-based Carver State Bank; Atlanta-based Citizens Trust Bank; Baltimore-based The Harbor Bank of Maryland; Detroit-based First Independence Bank; Columbia, South Carolina-based Optus Bank; McAllen, Texas-based Rio Bank; Houston-based Unity National Bank; Washington, D.C.-based Industrial Bank; and Miami-based Sunstate Bank. JPMorgan Chase’s latest round of direct equity investments more than doubles the $50 million it originally pledged to invest in MDIs and CDFIs. The bank's initial round of investments, which was dispersed earlier this year, included the holding companies for New Orleans-based Liberty Bank and Trust; Durham, North Carolina-based M&F Bank; New York City-based Carver Federal Savings Bank; and Los Angeles-based Broadway Federal Bank.
Five witnesses testified to the U.S. House Committee on Financial Services' Subcommittee on on Consumer Protection and Financial Institutions in a hearing entitled "The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System." Among the witnesses was Desiree Jackson, Assistant Vice President for Treasury Management at Beneficial State Bank. Click "read more" to read the committee memorandum and watch a recording of the hearing.
BancPlus Corporation, parent of Ridgeland, Mississippi-based BankPlus, said Wednesday that it is buying New Orleans-based First Trust Corporation, which owns First Bank and Trust. The terms of the deal were not disclosed but the banks said in a news release that First Trust Corporation shareholders will receive a combination of shares of BancPlus' common stock and cash. The takeover will have a total of 93 branches, combining BancPlus' 79 branches with First Bank and Trust's 14, across Louisiana, Mississippi, Alabama, and the Florida Panhandle. Assets will total $6.4 billion: $5.1 billion from BancPlus together with $1.3 billion from First Bank and Trust.
Amalgamated Financial in New York is acquiring Amalgamated Investments Co., the parent of Amalgamated Bank of Chicago, for $98.1 million in cash. While their names and missions are similar, the two companies are not affiliated. Both companies emphasize environmental, social and governance missions, serving nonprofit organizations and unions. Together, the companies said they would also serve political organizations and philanthropies that support environmental sustainability and social enterprises. "This acquisition aligns with our disciplined strategy of pursuing accretive opportunities that allow us to expand geographically, strengthen our financial resources and increase our customer base while leveraging our unique expertise in operating as an ESG-driven bank," Priscilla Sims Brown, Amalgamated Financial's president and CEO, said in a press release Wednesday.