PHOENIX — Freeport-McMoRan Inc. (FCX) announced that it has made an initial $1 billion investment in J.P. Morgan Asset Management’s Empower money market share class designed to allow institutional clients to support minority-owned and diverse-led financial institutions. This investment will benefit New Orleans-based Liberty Bank and Trust Company.
Through the Empower share class, Liberty Bank is able to offer J.P. Morgan’s full suite of money market funds, providing new revenue streams for hiring, lending, training and other community support.
“Investing in J.P. Morgan’s Empower share class allows us to align our cash management strategies with our commitments to promoting sustainable communities,” said Kathleen Quirk, president, Freeport-McMoRan. “Liberty Bank and Trust Company shares our deep ties to the New Orleans area. We are pleased our investment will support the bank, as it continues to provide banking services to underserved communities, helping them reach their financial needs and goals.”
Liberty Bank President Todd O. McDonald said, “We are thrilled to have a corporation founded in New Orleans like Freeport invest in our ongoing efforts to close the wealth gap and help families achieve their financial goals. This investment, through J.P. Morgan’s Empower share class, will allow us to increase lending and build a more sustainable community.”
J.P. Morgan Asset Management’s Empower share class is an initiative that began in February 2021 to create an avenue for institutional clients to invest in minority and diverse-led financial institutions.
“We are pleased to see Freeport-McMoRan invest in the Empower share class, which will help provide Liberty Bank and Trust with new revenue opportunities to further support the communities they serve,” said Paula Stibbe, Head of Global Liquidity, Client at J.P. Morgan Asset Management. “This investment is a testament to the power of our Empowering Change program in giving companies like Freeport-McMoRan the ability to make their money matter by supporting minority-owned and diverse-led financial institutions.”
Freeport-McMoRan is an international mining company with headquarters in Phoenix. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX’s website at fcx.com.
Liberty Bank and Trust is a designated MDI (Minority Depository Institution) providing personal, business, mortgage, automobile, home equity and freedom fast loans to customers. Founded in 1972 in New Orleans, Liberty has since grown its assets to more than $1 billion dollars and has expanded into 11 states.