FDIC Seeks Financial Advisor to Establish New “Mission-Driven Bank Fund” to Support FDIC-Insured Minority Banks and Community Development Financial Institutions — 2020-11-18

WASHINGTON—The Federal Deposit Insurance Corporation (FDIC) today announced a competition to choose one or more experienced financial advisors to support the development of a new Mission-Driven Bank Fund. The Fund will provide a vehicle for private sector and philanthropic investment in FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). The selected financial advisor(s) will work with the FDIC to develop a structure and operational aspect for the Fund. Interested firms should have experience managing investment funds. Prior engagement with MDIs and CDFIs and a deep understanding of the communities they serve are also strongly preferred. This competition is not for the selection of the Fund manager, who will be chosen separately by investors after the Fund is established. The selected financial advisor(s) will not be precluded from consideration to be the Fund manager. Proposals must be submitted by December 2, 2020.