WINTER HAVEN, Fla.,
July 19, 2021 /PRNewswire/
-- SouthState Bank today announced an investment of
$500,000 into Optus Bank, a federally
designated minority depository institution (MDI) and community
development financial institution (CDFI), in support of the bank's
mission to close the wealth gap in previously unbanked,
underbanked, and historically underserved people and places.
"Fulfilling our commitment to closing the opportunity gaps in
our communities requires strategic investments from mission-aligned
partners like SouthState. With support of their equity investment,
we have raised a total of $17 million
in new capital since 2020 and grown our assets to nearly
$300 million," said Dominik Mjartan, Optus Bank president & CEO.
"Deploying this capital into underserved communities, minority
owned homes and businesses to create generational wealth is Optus
Bank's mission and mandate."
"In order to make a difference in minority communities and
enable equal access to banking services, minority depository
institutions need our support. They have access to these
communities in a way that traditional financial institutions don't
or can't," said LeDon Jones,
director of Corporate Stewardship. "Our investment is unique,
because not only are we providing equity, but we're exploring other
ways in which we can partner with Optus to meet the needs of these
communities."
There are more than 5,000 banks in the U.S., but Optus is one of
only 35 that is both an MDI and CDFI bank.
According to the Federal Deposit Insurance Corp. (FDIC), 22
percent of Americans are considered unbanked or underbanked,
meaning that they do not have a checking, savings or money market
account, or they use some form of alternative financial services,
such as check cashing services, payday loans, paycheck advance or
similar services.
The unbanked and underbanked are more likely to have low income,
less education or be in a racial or ethnic minority group, the FDIC
states.
More than 90 percent of Optus' assets are invested in
communities of color, and Optus is focused on offering innovative
ways to manage, move, save and borrow money for individuals and
small businesses, with the goal of ensuring that wealth building is
not just for the wealthy.
SouthState Corporation (NASDAQ: SSB) is a
financial services company headquartered in Winter Haven, Florida. South State Bank, N.A.,
the company's nationally chartered bank subsidiary, provides
consumer, commercial, mortgage and wealth management solutions to
more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast
to coast through its correspondent banking division. Additional
information is available at SouthStateBank.com.
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.
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SOURCE South State Bank N.A.