BIRMINGHAM, Alabama – (BUSINESS WIRE) – October 5, 2021–
Regions Community Development Corporation, a wholly owned subsidiary of Regions Bank, on Tuesday announced a $ 2 million equity investment in Optus Bank, a federally appointed minority depository institution (MDI) and a community development financial institution (CDFI).
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Dominik Mjartan, President and CEO of Optus Bank; and Paul Mitchell, Chairman of the Board of Optus Bank (Photo: Business Wire)
The investment will support Optus Bank’s mission to strengthen communities and close the racial wealth gap through access to capital for individuals and businesses. Over 90% of Optus Bank’s assets are invested in communities of color, and Optus is focused on consistently empowering people and small businesses through innovative ways to manage finances, build savings and access essential financial services to achieve financial goals ranging from home ownership to business growth. .
“Optus exists to support equitable growth by channeling resources to underserved people and places,” said Dominik Mjartan, President and CEO of Optus Bank. “Over the past five years, our bank has grown by 500% and achieved sustained profitability. This significant investment from the Regions Community Development Corporation crowns a fundraising of 20 million dollars which will allow us to more than double in size and impact.
The Regions Community Development Corporation’s investment in Optus Bank is part of Regions’ overall commitment to support racial equity, economic empowerment and inclusive prosperity through grants, investments, volunteerism and support. community engagement. In 2020, The Banque des Régions and the Fondation des Régions have pledged $ 12 million over two years promote programs and initiatives that create more inclusive opportunities for success. The Regions Foundation is a non-profit initiative that supports community investments and is primarily funded by the Regions Bank.
“Optus Bank plays a crucial role in creating more inclusive prosperity by providing access to capital in areas where there has been a history of disinvestment,” said David Christian, Head of Loans and Investments for Community Development and director of operations for the Corporation de développement communautaire des regions. “Thanks to the efforts of Optus and this new investment from the Regions Community Development Corporation, more people will be able to achieve important goals, such as buying their first home or obtaining affordable and accessible loans to develop and develop. their business. The result is greater economic stability – and greater equity among the communities we serve. “
The Regions Community Development Corporation, Regions Bank and Regions Foundation aim to create inclusive prosperity through targeted community engagement in three priority areas: economic and community development, education and workforce preparation, and financial well-being. More information is available in the Community engagement section of regions.com.
About the Régions Finance Company
Regions Financial Corporation (NYSE: RF), with $ 156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of personal and commercial banking services, wealth management and mortgage products and services. Regions serves customers in the South, Midwest and Texas and, through its subsidiary, Regions Bank, operates more than 1,300 bank offices and approximately 2,000 ATMs. Regions Bank is an equal housing lender and member of the FDIC. Additional information about Regions and its full range of products and services can be found at www.regions.com.
About the Regional Community Development Corporation
Regions Community Development Corporation (RCDC) is a wholly owned subsidiary of Regions Bank and serves as a catalyst to help revitalize communities and improve the lives of economically disadvantaged families in the region’s footprint. The RCDC helps fulfill the mission of the Regions to improve lives by providing debt and / or equity financing for projects and entities with a community development objective.
About the Fondation des Régions
Regions Foundation supports community investments that have a positive impact on the communities served by Regions Bank. The Foundation engages in a grant-making program focused on priorities, including economic and community development; education and workforce preparation; and financial well-being. The Foundation is a 501 (c) (3) non-profit corporation funded primarily by contributions from Regions Bank.
About Optus Bank
The origins of Optus Bank date back to 1921 when a group of visionary and courageous African American leaders founded a bank on the premise that everyone should have access to the American Dream, regardless of their circumstances. Optus Bank is a federally designated minority depository, a U.S. Treasury certified community development financial institution, and an FDIC insured custodian.
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CONTACT: Media contact:
Jeremy D. King
Bank of regions
Regional news online: regions.doingmoretoday.com
News from the regions on Twitter: @RegionsNews
KEYWORD: ALABAMA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCING OF PROFESSIONAL BANKING SERVICES
SOURCE: Regional finance company
Copyright Business Wire 2021.
PUB: 05/10/2021 9:00 a.m. / DISC: 05/10/2021 9:02 a.m.