DALLAS, Aug. 19, 2020 /PRNewswire/ -- Comerica Bank
announced today that it is moving $10
million in deposits to Minority Depository Institutions
(MDIs) within its five-state footprint, as well as building a
mutual mentoring relationship with these institutions. MDIs assist
minority and under-served communities and foster economic viability
in these communities.
Of this $10 million in deposits,
Comerica has allocated $7.5 million
($2.5 million each) to First
Independence Bank in Detroit,
Mich.; Broadway Federal Bank in Los Angeles, Calif.; and Unity National
Bank in Houston, Texas. The
relationship includes a partnership that fosters collaboration and
mentorship, with Comerica and MDIs each sharing their expertise in
key lines of business.
"Comerica recognizes the critical role Minority Depository
Institutions play within communities that have been severely
impacted by the COVID-19 pandemic," said Comerica Bank Chief
Community Officer Irvin Ashford, Jr.
"Entrepreneurs and small business owners are the anchor of local
communities, and working with these MDIs will go a long way to
ensuring that they continue to not only survive but thrive in the
current economic climate and beyond."
First Independence Bank
First Independence Bank is the only MDI located in the state of
Michigan and is the seventh
largest African-American-controlled commercial bank in the United States. Established in 1970, the
bank continues to be a responsible leader, efficiently serving the
financial needs of its community, businesses and customers
nationwide.
"The First Independence Bank and Comerica Bank both hold
complimentary synergies and efforts that aim towards empowering
Minority Depository Institutions (MDIs) and the communities that we
serve, and we are truly thankful for their purposeful support,"
said Dimitrius M. Hutcherson Chief
Administrative Officer/Chief Technology Officer, First Independence
Bank.
Broadway Federal Bank
Broadway Federal Bank was founded in 1946 by a group of
civic-minded individuals to provide financial services to
minorities in the Greater Los
Angeles area, who were not being serviced by the existing
financial institutions. Today, the bank is the leading
community-oriented savings bank in Southern California serving low- to
moderate-income communities and wholly-owned subsidiary of Broadway
Financial Corporation (NASDAQ Capital Market symbol: BYFC). The
bank is focused on addressing the chronic need for affordable
housing for families living within low- to moderate-income
communities throughout Southern
California.
"This deposit by Comerica Bank is an independent affirmation of
Broadway Federal Bank's strong financial condition during a
difficult economic environment" said Broadway Federal Bank Chief
Executive Officer Wayne Bradshaw.
"Furthermore, it demonstrates Comerica's confidence in Broadway's
ability to effectively originate loans that support Broadway's
mission of serving low- to moderate-income communities in
Southern California, many of which
have been disproportionately impacted by the COVID-19
pandemic."
Unity National Bank
Unity National Bank was founded in 1963 and remains the only
African-American-owned banking institution in Texas. The bank works closely with local civic
organizations to strengthen the community and promote harmony. Its
vision remains to serve as the financial institution that partners
with Houston's under-served
communities to create economic opportunities.
"Unity National Bank appreciates the depository investment made
by Comerica," said Unity National Bank President and CEO
Laurie Vignaud. "This allows Unity
the ability to provide low cost funds to our borrowers who need it
the most during these trying COVID-19 times. We are living through
very unusual times, therefore having financial institutions like
Comerica reach out to offer assistance, is very noteworthy and
meaningful."
Comerica's support of these in MDIs is the latest action taken
to support local communities battling the COVID-19 pandemic. In
May, Comerica Bank and the Comerica Charitable Foundation announced
investments totaling $8 million in
support for community programming and businesses impacted by
COVID-19. Investments impacting communities include:
- Investments of $3.1 million with
three community development financial institutions (CDFIs),
Lendistry ($1.5MM), Clearinghouse
CDFI ($1.1MM) and California FarmLink
($500,000), all intended to support
access to capital for underserved communities and small businesses
impacted by the COVID-19 crisis.
- Partnership with the National Business League that includes a
$1 million investment to help launch
the Black Capital Access Program (BCAP), an access to capital
initiative assisting Black businesses across the country.
- Virtual Small Business Bootcamps hosted across Comerica's
five-state footprint of Arizona,
California, Florida, Michigan and Texas. These free financial workshops aid
local businesses and entrepreneurs impacted by the COVID-19
pandemic.
Comerica Incorporated (NYSE: CMA) is a financial services
company headquartered in Dallas,
Texas, and strategically aligned by three business segments:
The Commercial Bank, The Retail Bank, and Wealth Management.
Comerica focuses on relationships, and helping people and
businesses be successful. In addition to Texas, Comerica Bank locations can be found in
Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. Comerica reported total assets
of $84 billion at June 30,
2020.
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SOURCE Comerica Bank