Mission Driven Bank Fund Achieves $200 Million Final Close to Strengthen Inclusive Banking

The Mission Driven Bank Fund (MDBF) has reached a significant milestone with its final fundraising close, amassing $200 million in capital. This fund is dedicated to bolstering FDIC-insured Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI) banks, with the overarching goal of fostering a more inclusive and robust banking system. To date, MDBF has deployed over a third of its capital to these mission-aligned banks and is actively expanding its investment pipeline nationwide.

In addition to financial support, MDBF has introduced a technical services program that has seen high engagement from its bank partners. This initiative underscores the Fund's commitment to not just providing capital but also equipping banks with the tools they need to succeed. Paul Welch, the Fund's portfolio manager, highlighted the importance of this dual approach, stating, "Thanks to the support of our anchor investors, Microsoft and Truist, and other limited partners, the Mission Driven Bank is providing meaningful levels of support to mission-aligned banks across the country to accomplish their impact goals."

Truist's Chief Community Reinvestment Act Officer, Anthony Weekly, also commented on the partnership's significance, noting, "By making capital and technical assistance investments in community-oriented banks, MDBF's team is not only strengthening the fabric of the banking system, but also helping to build a more inclusive financial future for all." This collaboration between MDBF and its investors reflects a shared vision for a banking sector that serves all communities equitably.

The impact of MDBF's work extends beyond the immediate financial injections into MDI and CDFI banks. By focusing on institutions that serve low to moderate income African American, Native American, Asian, Hispanic, and Pacific Islander communities, the Fund is addressing systemic disparities in access to financial services. This effort is a critical step toward closing the racial wealth gap and ensuring that all communities have the opportunity to thrive in a more inclusive financial ecosystem.

For those interested in learning more about the Mission Driven Bank Fund and its initiatives, additional information can be found at https://missiondrivenbankfund.org. The Fund's achievements to date and its forward-looking strategy underscore the potential for targeted investments to drive meaningful change in the banking sector and beyond.