NEW ORLEANS – JPMorgan Chase & Co. announced that it has invested $10 million in Liberty Bank to “strengthen the independent, African American bank, increase local lending and promote market expansion.”
“This infusion of capital will allow us to scale up our efforts to support small businesses, increase our mortgage lending and help refinance predatory lending products, which will result in significant cash flow enhancements for our most challenged communities,” said Liberty Bank President and CEO Alden J. McDonald Jr. “We appreciate the confidence JPMorgan Chase has placed in our ability to understand our customer base and offer financial services that build wealth in our communities.”
Based in New Orleans, Liberty Bank has provided banking services for nearly 50 years to underserved communities. Today, Liberty has branch locations in nine states.
The announcement is part of a broader initiative by JPMorgan Chase to strengthen the foundations of vital Minority Deposit Institutions and Community Development Finance Institutions in cities across the nation. These new initiatives are focused on supporting diverse-led financial institutions by providing additional capital, connections to institutional investors, specialty support for Black-led commercial projects, and mentorship and training opportunities.
“The COVID-19 pandemic has only exacerbated the racial inequalities in the U.S., which puts a strain on families’ economic mobility and impedes the continued growth of our economy,” said Brian Lamb, Global Head of Diversity & Inclusion at JPMorgan Chase. “We know these crucial institutions create lasting change for Black and Latinx families and we hope our support will help uplift the people and businesses that are the backbone of our local economies.”
For more information visit www.jpmorganchase.com/impact/path-forward.