BofA Backs Black-Owned Banks in $300 Million Equality Drive
- Lender takes equity stakes of about 5% in three banks
- Allocates $300 million of $1 billion pledged over four years
Photographer: Mark Kauzlarich/Bloomberg
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Bank of America Corp. invested $50 million in three Black-owned banks as part of its $1 billion pledge over four years to advance racial equality.
The second-largest U.S. lender took equity stakes of about 5% in three minority depository institutions: First Independence Corp. in Detroit, New Orleans-based Liberty Financial Services Inc. and SCCB Financial Corp. in Columbia, South Carolina, it said in a statement. Bank of America also is in talks with other lenders owned by African Americans and Hispanics and serving low- and moderate-income communities that are expected to be completed within a year.