CLEVELAND, OH, July 09, 2024 - The Mission Driven Bank Fund (MDBF) today announced its second close of $65 million, bringing the Fund to over $177 million of capital dedicated to supporting FDIC-insured Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI) banks in closing the racial wealth gap.
The Fund welcomed new limited partners, which include banks with assets ranging from $6 billion to over $150 billion. Some of the bank limited partners participating in the second close include Lake City Bank, Enterprise Bank & Trust, Hancock Whitney Bank, and Banner Bank.
"Hancock Whitney was founded 125 years ago to help people and communities achieve their dreams," said John M. Hairston, president & CEO. "We believe investing in the MDBF aligns with our mission, purpose, and core values and supports working together to help people and businesses grow and protect their financial futures, which in turn supports strong economies, new opportunities, and enhanced quality of life for all people in the communities we serve."
"MDBF is in a unique position to assist a vital sector of the overall impact investing ecosystem. CDFI's and MDI's play an essential role in closing the lending gaps that individuals and small businesses experience," said Rickey Jimenez, director of community reinvestment with Enterprise Bank & Trust. "We are proud to be an investor in such an innovative fund."
Paul Welch, the Mission Driven Bank Fund portfolio manager, said, "We are pleased with progress toward achieving the Fund's objectives and are encouraged by the robust investment pipeline. The Fund continues to engage with mission-aligned banks to create customized solutions to build capacity and serve their communities."
More info on the Fund's initial investors and portfolio can be found at https://missiondrivenbankfund.org The Fund will have additional closings through May 2025.
About The Mission Driven Bank Fund
The Mission Driven Bank Fund seeks to foster a stronger and more inclusive banking system by investing capital and providing technical services to CDFIs and MDIs that target African American, Native American, Asian, Hispanic, and Pacific Islander communities. The Fund's mission is to drive significant growth and financial resiliency in the mission-driven bank sector that translates into demonstrated progress in closing the racial wealth gap. Elizabeth Park Capital Management, a specialist firm investing in U.S. banks, and Calvert Impact, a leading impact investing firm, are members of the Fund's general partner. Strategic Value Bank Partners is a subadvisor, and Performance Trust is a capital advisor and structuring agent for the Fund. For more information, go to www.missiondrivenbankfund.org
About Performance Trust
Performance Trust is the MDBF Capital Markets Advisor and Structuring Agent. Performance Trust Capital Partners, LLC is committed to helping financial institutions improve their long-term performance and deliver shareholder value. Identifying your path to independence requires better tools and clear insights. Performance Trust Capital Partners is a registered broker/dealer, member FINRA/SIPC. For more information, go to www.performancetrust.com
Contact Information
Greg Joslyn
for MDBF
Milwaukee, WI
United States
Voice: 9142170427
