BNY Mellon Expands Optus Bank Relationship With $3 Million Investment as Part of the U. S. Department of the Treasury Financial Agent Mentor-Protégé Program

Rhea-AI Summary

BNY Mellon has expanded its partnership with Optus Bank by providing a $3 million deposit to enhance investment in low and moderate income (LMI) and minority communities. This investment is part of the U.S. Treasury's Financial Agent Mentor-Protégé program, aimed at strengthening small and minority depository institutions. BNY Mellon previously committed $20 million to support educational and workforce development in underserved areas. This initiative reflects BNY Mellon's commitment to fostering economic opportunities and supporting underrepresented communities.

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• BNY Mellon provided a $3 million deposit to Optus Bank, enhancing its investment capacity in underserved communities.
• The investment aligns with BNY Mellon's broader commitment of $20 million for educational and workforce development support.

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NEW YORK, Sept. 16, 2021 /PRNewswire/ -- BNY Mellon announced today that it is expanding its relationship with South Carolina-based Optus Bank as part of the Treasury Department's Financial Agent Mentor-Protégé program. BNY Mellon has recently provided Optus Bank with a $3 million deposit to supplement the institution's investments in Low and Moderate Income (LMI) and minority communities.

"We are thrilled to announce this new milestone in our relationship with Optus Bank in its important mission of investing in under-served communities," said Jansen Sauvageau, Director of Government Treasury Services at BNY Mellon. "This investment will further Optus' investment capacity while leveraging BNY Mellon's robust products, services, and infrastructure. We are proud to be supporting an inclusive environment that provides opportunities for communities in need." 

"Unleashing the full potential of every person in America will require long term investments and unique partnerships aimed at closing the economic opportunity gaps.  On behalf of our communities, we are grateful that BNY Mellon has committed and demonstrated their genuine efforts to support access to capital and opportunities for LMI communities by supporting Optus Bank," said Dominik Mjartan, President and CEO of Optus Bank.

BNY Mellon's new investment is part of the bank's broader initiatives to support underrepresented communities through philanthropic engagement, workforce development activities, and support of MDI Banks. Last year, the bank announced a $20 million multi-year commitment in support of vital educational and workforce development programming in underserved populations of New York City and Pittsburgh. 

About U.S. Treasury Bank Mentor-Protégé Program (TBMPP)
Established in 2018, the U.S. Treasury Bank Mentor Protégé Program (TBMPP) works to facilitate voluntary relationships between the largest U.S. commercial banks as mentors and small and/or minority depository institutions (MDIs) as protégés. The aim of the program is to increase the capacity of small and minority-owned banks to better serve their customers and potentially Treasury, create new partnerships with Treasury and across the banking industry, and strengthen their ability to withstand the rigors of the rapidly changing banking industry and economic environment.

About Optus Bank
Optus Bank's origins date back to 1921 when a group of visionary and courageous African American leaders founded a bank on the principle that all people should have access to the American Dream, regardless of their inherited circumstances. Optus Bank is a federally designated Minority Depository Institution, a U.S. Treasury Certified Community Development Financial Institution, and an FDIC insured depository. Visit www.optus.bank to learn more.

About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

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SOURCE The Bank of New York Mellon Corporation

FAQ

What recent investment did BNY Mellon make in Optus Bank?

BNY Mellon announced a $3 million investment in Optus Bank to enhance its capacity to serve low and moderate income communities.

How does the BNY Mellon and Optus Bank partnership benefit minority communities?

The partnership aims to increase investment in low and moderate income communities, thus supporting economic opportunities for underserved populations.

What is the purpose of the U.S. Treasury's Financial Agent Mentor-Protégé program?

The program aims to facilitate relationships between larger banks and small minority depository institutions to enhance their service capacity and foster new partnerships.

How much has BNY Mellon committed to supporting underserved communities?

BNY Mellon has committed $20 million for educational and workforce development programming in underserved areas, in addition to the new $3 million investment in Optus Bank.