FDIC Launches Mission-Driven Bank Fund — 2021-09-16

$120 million pledged to support Minority Depository Institutions and CDFIs WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the launch of a new Mission-Driven Bank Fund, a capital investment vehicle being developed by the FDIC to support insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). As anchor investors, Microsoft and Truist Financial Corporation will lead the investment Fund. In addition, Discovery, Inc. will join as a founding investor in the Fund bringing the combined initial commitment to $120 million, with additional investments expected. MDIs and CDFIs are banks, savings banks, and savings associations that provide critically needed capital and financial services to minority, lower income, and rural communities. The FDIC designed the framework for the Mission-Driven Bank Fund to channel private capital and other resources to these institutions, allowing them to amplify the impact of investments in the communities they serve.