The Cleveland-based Mission Driven Bank Fund recently unveiled its latest investments in community development financial institution and minority depository institution banks working to expand financial services in underserved communities.
The fund invested in Neighborhood National Bank, a CDFI based in San Diego County providing financial services to minority-, women- and veteran-owned small businesses in Southern California. It also invested in Anchor Bank, an MDI based in Palm Beach Gardens, Fla., that provides affordable housing and small-business financing in Hispanic communities in South Florida.
The fund’s second investor close was in June, bringing it to $177 million in capital. It plans to raise additional investor funds through May of 2025. Investors include Truist bank and Microsoft.
Other bank investments include Embassy National Bank, an MDI serving primarily South Asian communities in Georgia; Legacy Bank and Trust, a CDFI bank with locations in Missouri, Oklahoma and Texas, and affordable housing and community development lending prioritizing majority minority communities, American Indian reservations, and persistent poverty counties across the country; and Priority Bank, a CDFI providing rural, small-business and affordable housing mortgage loans in Ozark and Northwest Arkansas.
