MassMutual Great Lakes and First Independence Bank Announce Strategic Alliance Expanding Insurance And Investment Access
MassMutual Great Lakes (MMGL), a Southfield-based firm offering a wide range of financial products and services, is pleased to announce a strategic alliance with Detroit-based First Independence Bank (FIB), the only African American-owned bank headquartered in Michigan and the 7th largest in the country. The alliance will enhance FIB’s ability to provide comprehensive financial services to its retail and commercial clients in Detroit and nationwide, many of whom have been historically underrepresented when it comes to accessing these services. “At MassMutual Great Lakes, we believe every individual, small business
Wells Fargo Makes Major Investment in Six Black-Owned Banks
By Stacy M. Brown The banking giant has selected six African American minority depository institutions (MDIs) for equity investments. Broadway Federal Bank in Los Angeles, Carver Federal Savings Bank in New York, Citizens Savings Bank & Trust in Nashville, Commonwealth National Bank in Mobile, Ala., M&F Bank in Durham, N.C., and Optus Bank in Columbia, S.C., are receiving critical equity capital, because of Well Fargo’s generous contribution. The financial commitment structure means that the investments are in the form of critical equity capital, which is foundational to the MDIs’ ability
Atlanta Hawks strike historic agreement with Black-owned banks
The Hawks become the first professional sports team to secure financing with Black-owned banks for $35 million refinancing of Emory Sports Medicine Complex Transaction facilitated with the support of the National Black Bank Foundation and Black Bank Fund to help bolster Black banks and the communities they serve Earlier today, the Atlanta Hawks announced that it has agreed to refinance the construction loan for the Emory Sports Medicine Complex with a syndicate of Black-owned banks. The $35 million loan marks the first time a professional sports franchise has had