Formerly Mechanics and Farmers Bank, M&F was chartered in 1907 by a group of nine prominent black North Carolina businessmen who hoped to meet the needs of the state's underserved black community. Today, M&F Bank's employees carry on that tradition, providing quality service to all customers and promoting personal and community development with an attitude of appreciation and respect.
Six Black banks — including four of the nation's largest — have joined a new digital platform by Citi. The action could help the banks increase lending to African American entrepreneurs. According to a news release, the banks are part of a consortium linking with Bridge built by Citi, a bank-led, digital meeting place that connects businesses seeking loans up to $10 million. The "first-of-its-kind platform is aimed to expand access to capital and financial services to Black small business owners. The platform launched by Citi matches local and regional banks with local small businesses needing funding for improvements and expansion amid the post-COVID-19 pandemic. The initiative will initially consist of 18 banks that Citi will send business leads to. Banks on the program include Mechanics & Farmers Bank in Durham, North Carolina; Optus Bank in Columbia, South Carolina; and Carver State Bank in Savannah, Georgia
Citigroup Inc. said it will invest in digital mortgage offerings as part of its pledge to improve homeownership rates among communities of color. The push to digital comes as Citigroup said the rate of applications and originations it processed for Black and Hispanic consumers dropped last year, even as it increased for Asian homeowners. In response, the firm is also still planning to expand its community lending team and its network of correspondent lenders, it said. Citigroup has pledged $100 million to support minority deposit institutions in the U.S., which have seen their numbers dwindling in recent years. The firm’s already allocated almost half of that commitment to banks including Broadway Financial Corp., Mechanics & Farmers Bank and Optus Bank.
Last month, Bank of America announced that it had completed 10 new equity investments as part of its 4-year $1 billion commitment to advance racial equality in economic opportunity. Of BoA's 10 equity investments, 6 were to CDBA member banks: Carver State Bank, Carver Federal Savings Bank, First Independence Bank, M&F Bank, Southern Bancorp, and Optus Bank. These investments will facilitate benefits across multiple states and in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services.