The Mission Driven Bank Fund (MDBF) has achieved a significant milestone by closing its final fundraising round with $200 million in capital. This fund is dedicated to strengthening FDIC-insured Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI) banks, which play a crucial role in serving underserved communities. With over a third of its capital already deployed, the MDBF is making strides toward its goal of fostering a more inclusive and resilient banking system.
Paul Welch, the Fund's portfolio manager, credited the success to the support from anchor investors like Microsoft and Truist. These partnerships have been instrumental in reaching the fundraising target and advancing the Fund's mission. The MDBF's technical services program has also seen active participation from its bank partners, furthering its objectives to promote financial inclusivity and support mission-aligned banks.
Anthony Weekly, Truist's Chief Community Reinvestment Act Officer, highlighted the dual benefits of the MDBF's investments. These contributions not only bolster the banking system's overall health but also pave the way for a more inclusive financial future. By focusing on banks that serve low to moderate income African American, Native American, Asian, Hispanic, and Pacific Islander communities, the MDBF is addressing the racial wealth gap head-on. For more details on the Mission Driven Bank Fund and its impactful work, visit https://missiondrivenbankfund.org.
