Mission Driven Bank Fund Achieves $200 Million Final Close to Support Inclusive Banking

The Mission Driven Bank Fund (MDBF) has reached a significant milestone with its final fundraising close, amassing $200 million in capital. This fund is dedicated to supporting FDIC-insured Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI) banks, with the goal of fostering a stronger and more inclusive banking system. Already, the Fund has deployed over a third of its capital to these institutions and is actively building pipelines across the United States.

In addition to financial support, MDBF has introduced a technical services program that has seen high levels of participation among its bank partners. This initiative is part of the Fund's broader mission to enhance the banking system's inclusivity and strength. Paul Welch, the Fund's portfolio manager, highlighted the importance of the support from anchor investors like Microsoft and Truist, as well as other limited partners, in achieving the Fund's impact goals.

Anthony Weekly, Truist Chief Community Reinvestment Act Officer, emphasized the dual benefit of MDBF's approach. By investing capital and providing technical assistance to community-oriented banks, MDBF not only strengthens the banking system's fabric but also contributes to building a more inclusive financial future. Truist, as a purpose-driven leader in the banking sector, looks forward to continuing its partnership with MDBF to drive meaningful change within communities.

For more information about the Mission Driven Bank Fund and its initiatives, interested parties can visit https://missiondrivenbankfund.org. The Fund's efforts represent a critical step towards closing the racial wealth gap and promoting financial resiliency among mission-driven banks serving low to moderate income African American, Native American, Asian, Hispanic, and Pacific Islander communities.