State Street Announces Next Round of Deposits to Minority Depository Institutions and Community Development Financial Institutions
June 11 2024 - 9:45AM
Business Wire
- Support of MDIs and CDFIs is part of the firm’s ongoing
commitment to encourage economic growth directly through its
business practices
State Street Corporation (NYSE: STT) today announced that it has
made deposits with three mission-driven minority depository
institutions (MDIs) including Carver State Bank, Citizens Trust
Bank and Ponce Bank.
The deposits are part of the firm’s $100 million program to
provide low-cost, stable deposit funding to minority depository
institutions (MDIs)1 and Community Development Financial
Institutions (CDFIs)2 that launched earlier this year.
“Our partnership strategy with MDI/CDFIs is designed to help
foster economic empowerment in the communities being served by
contributing to efforts that create more capacity across our
partners’ service model,” said Yvette Hollingsworth Clark, chief
compliance officer for State Street. “We are honored to be working
with each of our partners to help unlock opportunities for those
who have been historically underserved and help expand a more
inclusive and equitable financial ecosystem.”
This program continues to further build upon State Street’s
actions to advance racial equity. In 2020, State Street announced
its 10 Actions to Address Racism and Inequality, a 10-point action
plan with the ultimate goal of helping to end systemic racism in
our communities. Additionally the firm became the first Global
Systemically Important Financial Institution (GSIFI) to achieve the
Management Leadership for Tomorrow (MLT) Black Equity at Work
Bronze Certification, a designation for employers who have
demonstrated a commitment to a systematic, results-oriented
approach to Black equity in the workplace. Earlier this year, the
firm also announced that it has earned both Hispanic Equity at Work
Bronze Certification and the renewal of its Black Equity at Work
Bronze Certification.
“State Street Bank’s deposit commitment will have a meaningful
long-term impact in the underserved communities where our bank does
business,” said Robert E. James, II, President and CEO of Carver
State Bank. “The State Street team understands and supports
Carver’s mission to reduce the wealth gap by providing the building
blocks to financial freedom.”
"In a rapidly changing and interconnected world, forming and
nurturing partnerships is crucial. We appreciate State Street
Bank's partnership with Citizens Trust Bank in providing financial
access to all communities,” said Cynthia N. Day, President and CEO
of Citizens Trust Bank. “The alignment of mission enhances
our impact in providing access to capital for small businesses,
supporting homeownership, and addressing disparities in our
financial ecosystem. We are proud to be part of this partnership
and thank State Street Bank for their commitment to our
mission."
“Deposits from forward looking institutions like State Street
help us bring financial equity to the underserved but highly
deserving communities in and around New York City that we’ve been
so proud to support for over 60 years,” said Carlos P. Naudon,
President and CEO of Ponce Bank.
Click here to learn more about the ways in which State Street
has continued to advance this mission.
About State Street Corporation State Street Corporation
(NYSE: STT) is one of the world's leading providers of financial
services to institutional investors including investment servicing,
investment management and investment research and trading. With
$43.9 trillion in assets under custody and/or administration and
$4.3 trillion* in assets under management as of March 31, 2024,
State Street operates globally in more than 100 geographic markets
and employs approximately 46,000 worldwide. For more information,
visit State Street's website at www.statestreet.com.
* Assets under management as of March 31, 2024 includes
approximately $66 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
About Carver State Bank As one of just 22
African-American owned banks in the United States, Carver State
Bank has a rich heritage and history tied to the Savannah
community. Founded in 1927, Carver State Bank is by far the oldest
commercial bank headquartered in the Savannah area. Carver is a
member of several national and statewide associations, including
the National Bankers Association, Community Development Bankers
Association, and Georgia Bankers Association. Carver is the only
bank headquartered in Savannah that is certified by the United
States Treasury Department as a Community Development Financial
Institution. For more information, visit
www.carverstatebank.com.
About Citizens Trust Bank Celebrated for being one of the
largest African American-owned minority banks in the country,
Citizens Trust Bank remains committed to providing personalized
service and financial solutions to meet the growing needs of the
community. Through a legacy built on economic equality and
well-being, the bank’s mission is to empower its customers and
future generations for financial success. The Bank offers its
common stock over the counter to the public under the trading
symbol CZBS (Citizens Bancshares Corporation) and can be found at
www.ctbconnect.com.
About Ponce Bank Ponce Bank (part of the Ponce Financial
Group NASDAQ:PDLB): Founded in the Bronx New York in 1960 during a
time when most financial institutions were fleeing the area, Ponce
Bank has been on a mission to improve financial outcomes for
minority and immigrant communities throughout the New York Metro
area ever since. The bank has grown to 13 branches, 5 mortgage loan
offices, 2.8 Billion in assets, and is now proudly listed on the
NASDAQ stock exchange (PDLB). Ponce Bank consistently ranks near
the top of all CDFIs in the country for housing focus and impact
lending. For more information, visit www.poncebank.com.
© 2024 State Street Corporation 687007.1.1.GBL.RTL
1 FDIC: Minority Depository Institutions Program 2
cdfi_infographic_v08a.pdf (cdfifund.gov)
Information Classification: General
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240611416955/en/
Media Contact: Brendan Paul Mobile: +1 401 644 9182
Bpaul2@statestreet.com
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