Payments

Keybank to deliver $50M in capital to community development banks

February 2, 2024

Keybank announced $50 million in deposits with six community development financial institutions and minority depository institutions, which include four-Black owned banks and two banks that serve the Alaskan Native and Native American communities, according to a press release.

"Our country's CDFIs and MDIs are vital to providing economic opportunity in underserved and low-income communities," Chris Gorman, chairman and CEO of Keybank, said in the release. "Our support of the CDFIs and MDIs is part of our ongoing commitment to address social justice and racial equity in the communities we so proudly serve."

The six banks include:

• Adelphi Bank in Columbus, Ohio.
• Carver Federal Savings in Harlem, New York.
• First Independence Bank in Detroit, Michigan.
• Legacy Bank in Murrieta, California.
• OneUnited Bank in Boston.
• Native American Bank in Denver, Colorado.

"Keybank is demonstrating what a more inclusive financial services industry looks like by fulfilling their overall $50 million commitment towards various Minority Depository Institutions in America," Kenneth Kelly, chairman & CEO of First Independence Bank, said in the release. "This support allows various MDIs to continue their concerted effort to expand their reach and expand relationships into partnerships within our industry. I am elated that Keybank shares the same vision that all leaders can better impact communities we serve when we collaborate to broaden the financial quality of life for all."