U.S. Bank to Rebuild in Minneapolis, Announces Multiple Investments and Initiatives to Address Social and Economic Inequities
June 05 2020 - 1:30PM
Business Wire
In response to the George Floyd tragedy and the resulting
protests and civil unrest throughout the United States, U.S. Bank
today announced several investments and initiatives to bridge
social and economic gaps and enhance opportunity for people of
color.
Staying in the community
In Minneapolis, where multiple sites were damaged or burned
during the civil unrest, U.S. Bank will break ground as soon as
possible so it can continue to support the Lake Street and North
Minneapolis areas with banking services and branches. The company
will also work to repair other branches and facilities across the
country that were damaged.
“We chose to serve these communities, and we will not turn our
backs or abandon the neighborhoods where so many are hurting right
now,” said Andy Cecere, chairman, president and CEO of U.S. Bank.
“We will continue to provide jobs, banking services and financial
education in the areas that have been traumatized during the past
week.”
Investing in and supporting the community
Beyond these efforts, the U.S. Bank Foundation will establish a
$15 million fund to award community grants dedicated to addressing
systemic economic and racial inequities in small business,
affordable housing and workplace development for people of color
across the country.
U.S. Bank also will increase efforts to support small and
minority-owned businesses that create jobs and build a social
infrastructure that leads to long-term economic success, doubling
partnerships with African-American suppliers in the next 12 months.
The company also will provide $100 million annually in additional
capital to African-American owned and led businesses or
organizations. U.S. Bank will help rebuild and reinvest in
affordable housing and retail commercial businesses in impacted
areas, and the company will launch a $1 million Community
Development Financial Institutions (CDFI) partnership program to
award grants and commercial loans to organizations that
qualify.
“George Floyd’s life had meaning and purpose. We need to do what
we can to give the heartbreak that has followed meaning and
purpose, as well,” Cecere said. “If we are truly going to draw
strength from diversity, we have to do better. We have to create
opportunities that bridge gaps, that generate economic prosperity,
and that allow people to achieve their potential.”
Committing to help employees
For employees, U.S. Bank will provide an additional eight hours
of paid time off to volunteer in their communities during the next
two months as recovery efforts are underway. This is in addition to
the 16 hours of paid time off that U.S. Bank employees receive
annually. U.S. Bank will also expand access to the company’s
matching gifts program to help employee donations go further.
The company will also commit to a refined talent management
strategy to develop and promote people of color to leadership
roles, educate and enhance awareness of racial issues among our
entire staff, and encourage community engagement in measurable
ways. U.S. Bank will also invest an additional $1 million to its
employee assistance fund which works to support employees who are
facing hardships.
“We need to be more intentional about creating conditions in
which all of our employees can develop leadership, demonstrate
creativity and advance professionally,” said Greg Cunningham, chief
diversity officer for U.S. Bank. “We are steadfast in our
commitment to placing equal value on the potential contributions,
unique leadership skills and creativity that come with the black
experience. We are making progress but need to continue to improve
in this area.”
About U.S. Bank
U.S. Bancorp, with more than 70,000 employees and $543 billion
in assets as of March 31, 2020, is the parent company of U.S. Bank
National Association, the fifth-largest commercial bank in the
United States. The Minneapolis-based bank blends its relationship
teams, branches and ATM network with mobile and online tools that
allow customers to bank how, when and where they prefer. U.S. Bank
is committed to serving its millions of retail, business, wealth
management, payment, commercial and corporate, and investment
services customers across the country and around the world as a
trusted financial partner, a commitment recognized by the
Ethisphere Institute naming the bank one of the 2020 World’s Most
Ethical Companies. Visit U.S. Bank at www.usbank.com or follow on
social media to stay up to date with company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20200605005431/en/
Jeff Shelman, U.S. Bank Public Affairs and Communications
Jeffrey.shelman@usbank.com
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