Comerica Bank has announced that it is moving $10 million in deposits to Minority Depository Institutions (MDIs) in five states. The Bank also plans to develop a mentoring relationship with these institutions. MDIs assist minority and under-served communities and help with economic growth. Of the various banks it will serve, Comerica will allocate $2.5 million to Unity National Bank in Houston, Texas. Unity National Bank was founded in 1963, and as of 2020 is the only African American-owned bank in Texas. The bank works closely with local civic organizations and seeks to create economic opportunities for the city of Houston’s under-served communities.
“Comerica recognizes the critical role Minority Depository Institutions play within communities that have been severely impacted by the COVID-19 pandemic,” said Comerica Bank Chief Community Officer Irvin Ashford, Jr. “Entrepreneurs and small business owners are the anchor of local communities, and working with these MDIs will go a long way to ensuring that they continue to not only survive but thrive in the current economic climate and beyond.”
Comerica’s support of the MDIs is the latest action it has taken to support local communities battling the COVID-19 pandemic. In May, Comerica Bank and the Comerica Charitable Foundation announced $8 million in investments to support community programming and businesses impacted by COVID-19.