State Street Announces $100 Million Program for Minority Depository Institutions and Community Development Financial Institutions
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As a part of this program, the firm is initially partnering with two mission-driven MDIs - Optus Bank and Mechanics & Farmers Bank (M&F Bank). Both MDIs and CDFIs support low-to-moderate income communities through lending, affordable housing and workforce development.
“Our partnerships with MDIs and CDFIs are part of our firm’s broader business strategy to expand the financial market ecosystem and help unlock economic potential by encouraging long term growth and job creation – which ultimately promotes more equitable and prosperous outcomes for our key stakeholders and the communities we serve,” said Ron O’Hanley, chairman and chief executive officer of State Street. “MDIs and CDFIs play a critical role in fueling economic growth within underserved and underbanked communities and it is an honor to be partnering with Optus Bank and M&F Bank and helping advance racial and wealth equity through our business practices.”
“We greatly appreciate State Street’s partnership and the shared commitment to closing the wealth gap by increasing access to financial support for underserved communities,” said Dominik Mjartan, President and CEO of Optus Bank.
This program, builds upon State Street’s actions to advance racial equity. In 2020, State Street announced its 10 Actions to Address Racism and Inequality, a 10-point action plan with the ultimate goal of helping to end systemic racism in our communities. Additionally the firm became the first Global Systemically Important Financial Institution (GSIFI) to achieve the Management Leadership for Tomorrow (MLT) Black Equity at Work Bronze Certification, a designation for employers who have demonstrated a commitment to a systematic, results-oriented approach to Black equity in the workplace.
“This significant deposit partnership with State Street will allow us to continue to support small businesses and consumers to reduce the overall wealth gap in North Carolina,” said M&F Bank President and CEO James H. Sills, III. “We appreciate the confidence State Street has placed in our ability to understand our customer base and offer financial services that build wealth in our communities.”
Click here to learn more about the ways in which State Street has continued to advance this mission.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With
*Assets under management as of December 31, 2023, includes approximately
About Optus Bank
Established in 1921 by visionary and courageous African Americans, Optus Bank is on a mission to empower our customers and communities to build lasting wealth and live better financial lives. Optus Bank is federally designated Minority Depository Institution and a
About M&F Bank
Founded in 1907 in
© 2024 State Street Corporation
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1 FDIC: Minority Depository Institutions Program
2 cdfi_infographic_v08a.pdf (cdfifund.gov)
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Ed Patterson
+1 (404) 213-3106
epatterson@statestreet.com
Source: State Street Corporation
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