CLEVELAND, OH, July 25, 2024 /24-7PressRelease/ -- The Mission Driven Bank Fund today announced its latest investments in Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI) banks committed to expanding financial services in underserved communities. The two investments reflect the Fund's aim to help close the racial wealth gap by providing mission-aligned banks with a range of financing instruments and tailored technical services.
The Fund invested in Neighborhood National Bank, a CDFI based in San Diego County providing financial services to minority-, women-, and veteran-owned small businesses in Southern California; and Anchor Bank, an MDI based in Palm Beach Gardens, Fla., which provides affordable housing and small business financing in Hispanic communities in South Florida.
"Neighborhood is perfectly positioned to take advantage of the Mission Driven Bank Fund," said Scott Andrews, president and CEO of Neighborhood National Bank. "The new capital will help us grow, and the technical services program will help us implement new technology and hire banking talent as we look to expand our services and branches in San Diego and Orange Counties."
About The Mission Driven Bank Fund
The Mission Driven Bank Fund seeks to foster a stronger and more inclusive banking system by investing capital and providing technical services to CDFIs and MDIs that target African American, Native American, Asian, Hispanic, and Pacific Islander communities. The Fund's mission is to drive significant growth and financial resiliency in the mission-driven bank sector that translates into demonstrated progress in closing the racial wealth gap. Elizabeth Park Capital Management, a specialist firm investing in U.S. banks, and Calvert Impact, a leading impact investing firm, are members of the Fund's general partner. Strategic Value Bank Partners is a subadvisor, and Performance Trust is a capital advisor and structuring agent for the Fund. For more information, go to www.missiondrivenbankfund.org.
