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
Netflix commits $25 Million to the “Equitable Path Forward” Initiative to Counter Racial Inequities Rooted in Housing
by Kelly Washington Netflix Incorporated and Enterprise Community Partners (“Enterprise”) announced Netflix’s $25 million commitment in Equitable Path Forward. Enterprise’s new five-year, $3.5 billion nationwide initiative will help dismantle the deeply-rooted legacy of racism in housing – from the types of homes built, where they are made, who builds them, and the wealth that the homes generate. After decades of systemic racism in housing, from government-sanctioned discrimination like redlining and race-based federal mortgage programs to restrictive deed covenants based on one’s skin color, to predatory lending and discriminatory property
Join the Virtual Pancakes & Politics Discussion LIVE: Rebuilding American Cities through a Lens of Equity and Inclusion
The pandemic has forced Americans to take a critical look in the mirror, many of whom were not satisfied with what they saw. From that arose a stronger sense of commitment to creating lasting change beginning in local communities. The Michigan Chronicle’s latest virtual Pancakes & Politics focuses on improving access to better living for all. The forum will spotlight change agents such as Capital Impact Partners CEO Ellis Carr, Develop Detroit CEO Sonya Mays, and Avanath Capital Founder/CEO Daryl Carter. Building from the previous forum centered on