JPMorgan Chase Increases Commitment to MDIs, CDFIs to $100 Million, Adds 10 New Recipients
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.