J2 Global to Deposit $10 Million in Black-Run Banks and Credit Unions
September 24 2020 - 3:00PM
Business Wire
J2 Global, Inc. (NASDAQ:JCOM), a leading Internet information
and services company, announced today that it is depositing $10
million with Black-run banks and credit unions. The deposits are
intended to allow these institutions to originate additional loans
that will foster economic opportunity within underserved Black
communities.
The credit unions and banks, which are operated by Black CEOs
and recognized by BankBlackUSA, include:
- Hope Credit Union (HOPE), which has branches throughout the
Mississippi Delta and Alabama Black Belt;
- The Harbor Bank of Maryland, which primarily serves the
Baltimore, Maryland Metropolitan area;
- Broadway Federal Bank, the leading community-oriented savings
bank in Southern California serving low-to-moderate income
communities; and
- Carver Federal Savings Bank, a leader in community-focused
banking services headquartered in Harlem, NY.
“The #BankBlack Movement presents an opportunity for companies
to make a real impact in Black communities,” said Vivek Shah, CEO
of J2 Global. “Banks and credit unions are well-positioned to
create economic opportunity for the communities they serve.”
“J2 Global’s deposit was made into our East Baltimore Branch and
expanded its deposit base by 17%. There are significant economic
development needs in the surrounding community and the investment
serves to support small business and residential lending activity,”
said John Lewis, President of The Harbor Bank of Maryland. “It’s a
demonstration that large corporations, wherever they are
headquartered, can use their resources to support African-American
led and local institutions who are on the ground doing the work to
create economic opportunity and development.”
“The Carver Federal Savings Bank team is honored to be included
and recognized by J2 Global as part of their stance to support
economic development and equality,” said Michael Pugh, President
and CEO of Carver Federal Savings Bank. “Supporting black
communities and minority depository institutions (MDIs) like Carver
further demonstrate J2 Global’s commitment to being socially
responsible leaders. We are confident that the new banking
relationship will enable Carver to continue our focus on providing
access to capital to Small Business Entrepreneurs in the
communities that we serve.”
“Every dollar deposited by J2 Global in Hope Credit Union will
support Black families, homeowners and entrepreneurs across the
Deep South,” said HOPE CEO Bill Bynum. “Investing in financial
institutions that are accountable to people of color is a proven
way to close the racial wealth gap and expand economic opportunity
in an increasingly diverse America.”
“J2 Global’s deposit is another affirmation of Broadway Federal
Bank’s strong financial condition during a difficult economic
environment and its recognition of the critical role that Minority
Depository Institutions play within underserved urban communities,”
said Wayne-Kent Bradshaw, CEO of Broadway Federal Bank.
“Furthermore, it demonstrates J2 Global’s confidence in Broadway’s
ability to effectively originate loans that support the Bank’s
mission of serving low-to-moderate income communities in Southern
California, many of which have been disproportionately impacted by
the COVID-19 pandemic.”
J2 Global believes that doing is greater than talking. These
cash deposits are part of J2 Global’s ongoing stand against
systemic racism and solidarity with the Black community. For more
information on our efforts, visit
https://www.j2global.com/general/doinggreaterthantalking/.
About J2 Global
J2 Global, Inc. (NASDAQ: JCOM) is a leading Internet information
and services company consisting of a portfolio of brands including
IGN, Mashable, Humble Bundle, Speedtest, PCMag, Offers.com,
Spiceworks, Everyday Health, BabyCenter and What To Expect in its
Digital Media segment and eFax, eVoice, iContact, Campaigner,
Vipre, IPVanish and KeepItSafe in its Cloud Services segment. J2
Global reaches over 230 million people per month across its brands.
As of December 31, 2019, J2 Global had achieved 24 consecutive
fiscal years of revenue growth. For more information, visit:
www.j2global.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200924005845/en/
Rebecca Wright (212) 503-5247 J2 Global, Inc. pr@j2.com
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