The Mission Driven Bank Fund has taken a pivotal step by appointing its inaugural Mission Advisory Committee, a move set to significantly influence the mission-driven banking sector. This committee, composed of seven distinguished industry leaders, brings together a wealth of expertise in Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), and the broader banking industry. Their primary role will be to assess the Fund's investments, ensuring they align with its mission objectives.
Paul Welch, the Fund's portfolio manager, highlighted the committee's critical role in identifying and maximizing impact within the sector. The committee's independence is expected to introduce a level of objectivity and depth to the evaluation of the Fund's performance in meeting its goals. The members, including Michael Collins from the Federal Reserve Bank of Philadelphia and Nicole Elam, CEO of the National Bankers Association, among others, bring diverse experiences that will enrich the committee's deliberations.
Eric Heisner, a portfolio relationship manager, underscored the committee's potential to provide valuable feedback on the Fund's alignment with its mission goals. This initiative is part of the Fund's broader objective to foster a more inclusive banking system by supporting CDFIs and MDIs that serve African American, Native American, Asian, Hispanic, and Pacific Islander communities. The Fund's collaborative structure involves Elizabeth Park Capital Management and Calvert Impact, with Strategic Value Bank Partners and Performance Trust playing advisory roles.
The formation of the Mission Advisory Committee is a testament to the Fund's commitment to financial inclusion and economic equity. By leveraging the committee's expertise, the Fund aims to enhance its impact on underserved populations, contributing to the closure of the racial wealth gap. This development not only signifies a milestone for the Fund but also sets a precedent for similar initiatives in the mission-driven banking sector. For further details on the committee and its members, visit https://missiondrivenbankfund.org/advisors.
