Duke Energy establishes relationship with Optus Bank to support minority-owned businesses

Rhea-AI Summary

Duke Energy (NYSE: DUK) has made a historic deposit of $5 million into Optus Bank, a Black-owned bank in South Carolina, aimed at supporting minority-owned businesses and underserved communities. This significant transaction, completed in 2020, will enable Optus Bank to offer financial services and capital loans to those facing funding barriers. Duke Energy's commitment reflects its ongoing efforts to promote diversity, equity, and inclusion, marking the largest deposit from the utility sector into a Black-owned bank in the U.S.

Positive

• Duke Energy's deposit enhances access to capital for minority-owned businesses.
• The transaction strengthens Duke Energy's commitment to diversity and inclusion.

Negative

• None.

GREENVILLE, S.C., Jan. 14, 2021 /PRNewswire/ -- Duke Energy (NYSE: DUK) announced today it has deposited $5 million into Optus Bank, a Black-owned bank based in South Carolina, furthering the company's support for diverse and minority-owned businesses, individuals and low income communities. The transaction was completed at the end of 2020.

One of approximately 20 banks designated as Black or African American owned in the U.S., Optus Bank will use the money Duke Energy deposited to provide other minority-owned businesses and underserved communities equal access to capital loans and financial services.

"This is so much more than a deposit in a bank. It's an investment in people and communities that continue to face barriers to mainstream funding and support," said Mike Callahan, Duke Energy's South Carolina president. "Duke Energy is proud to be part of the solution."

This marks the largest deposit Duke Energy has made with a Black-owned bank in the U.S. and the company expects to evaluate additional similar opportunities in the future. And, this historic relationship expands Optus Bank's depositors to include the utility sector.

Optus Bank's Chairman Paul Mitchell added that "Duke Energy's deposit will significantly fuel our ability to help all people build wealth and improve their lives, regardless of their background or situation. We are thankful that the South Carolina Minority Business Development Agency (MBDA) brought us together, and hope that other utilities follow Duke Energy's leadership in delivering on their commitment to advance diversity, equity and inclusion."

This deposit provides additional capital to help more people like Accountant Kadenia Javis with Javis Tax Service pursue their dreams and survive in the current economic climate and beyond. "Optus Bank has been there for me in both good and difficult times, helping us grow our business and support us during the pandemic. Optus Bank also allowed us the opportunity to purchase our first commercial building with a drive-thru window. This assisted the accounting firm to offer contactless support to taxpayers," added Ms. Javis. 

"We are proud to work with Optus Bank and excited that this collaboration shines a brighter light on the important role Black-owned banks play in our financial ecosystem," said Callahan.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,300 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve 7.8 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to 1.6 million customers in five states: North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

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 circumstances. Optus Bank is a federally designated Minority Depository Institution, a U.S. Treasury Certified Community Development Financial Institution and an FDIC insured depository. If you believe that all people should have access to wealth building opportunities, visit us at www.optus.bank.

Contact: Madison McDonald
24-Hour: 800.559.3853

View original content to download multimedia:http://www.prnewswire.com/news-releases/duke-energy-establishes-relationship-with-optus-bank-to-support-minority-owned-businesses-301208632.html

SOURCE Duke Energy

FAQ

What is the significance of Duke Energy's $5 million deposit in Optus Bank?

Duke Energy's deposit of $5 million into Optus Bank aims to support minority-owned businesses and underserved communities by enhancing their access to capital.

When did Duke Energy announce the deposit into Optus Bank?

Duke Energy announced the deposit into Optus Bank on January 14, 2021.

How does Duke Energy's deposit impact minority-owned businesses?

The deposit will allow Optus Bank to provide capital loans and financial services to minority-owned businesses facing barriers to mainstream funding.

What is Duke Energy's stock symbol?

Duke Energy's stock symbol is DUK.

How does the deposit relate to Duke Energy's overall strategy?

The deposit is part of Duke Energy's broader strategy to promote diversity, equity, and inclusion within the communities it serves.