Posted a day ago
Proposed by Bank of Regions
BIRMINGHAM, Alabama, Nov. 18, 2022 /CSRwire/ — Bank of Regions announced a collaborative agreement with seven Community Development Financial Institutions (CDFIs) and Minority Deposit-Taking Institutions (MDIs) to allow individuals who do business with these organizations to use the regions ATM network without paying the standard off-network fees of industry.
The result is greater financial inclusion. By working together, the Regions, CDFIs and MDIs are expanding free access to financial services through the Regions’ ATM network. Specifically, the agreement covers clients of the following institutions:
- Carver State Banka CDFI and MDI in Savannah, Georgia
- Citizens’ Savings Bank and Trusta CDFI and MDI in Nashville, Tennessee
- Commonwealth National Bank, a CDFI and MDI in Mobile, Alabama
- Friend banka CDFI in Dothan, Alabama
- Hope Community Credit Uniona CDFI in Jackson, Mississippi
- Optus Banka CDFI and MDI in Columbia, South Carolina
- Bank of the Southa CDFI in Arkadelphia, Arkansas
“Regions Bank is committed to creating more inclusive prosperity, and this collaboration is a key part of our broader, long-term work with CDFIs and MDIs to expand access to essential financial services,” said John Turner, president and CEO of Regions Financial Corp. “This new collaboration will benefit individual consumers in multiple states. Regions Bank and Regions Community Development Corporation have also worked closely with CDFIs and MDIs in the past to support business activity in underserved communities, including a range of equity investments. These initiatives exemplify the regions commitment not only to providing financial services, but also to uplifting communities through our footprint.
Community Development Financial Institutions (CDFIs) are private financial institutions that are 100% dedicated to providing responsible and affordable lending to help low-income, low-wealth and other disadvantaged people and communities join the economic mainstream. .
Minority Depository Institutions (MDIs) can be a federally insured depository institution in which 51% or more of the voting shares are owned by minority individuals – or a financial institution that primarily serves minority communities and whose board of directors is mainly made up of people from minority backgrounds. backgrounds.
CDFIs and MDIs are often based in small towns, rural areas or urban communities and provide services in areas considered “banking deserts” – where the nearest physical bank branch may be several miles away.
“Equitable access to banking services is one of the most effective ways to break down financial barriers and close the wealth gap in America,” said Darrin Williams, CEO of Southern Bancorp. “Our institution serves communities in the Mid-South who may not have the means to make withdrawals or even check their balances. This partnership with the regions not only makes banking services more accessible for our customers, but it will help also supporting our communities and ultimately our local economies.”
The ATM arrangement follows a June meeting convened by the regions’ community affairs manager, Leroy Abrahams, and Wendi Boyen, community advocacy and financial wellbeing manager for the bank. Abrahams and Boyen met with leaders from CDFI and MDI for an information-sharing session and to brainstorm ways the organizations can work together to better support local communities, especially underserved populations.
Earlier this year, the Regions Community Development Corporation announced three equity-based agreements with CDFIs and MDIsincluding two CDFIs that are included in the current ATM agreement, Southern Bancorp and Carver Financial.
“CDFIs and MDIs play a vital role in ensuring equitable access to the financial system,” Abrahams said. “The regions share many common goals with these mission-based organizations, and by working more closely together, we are better able to provide banking access, which creates more equitable opportunities for people, businesses and communities. .”
About the Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $158 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of retail and commercial banking, wealth management and mortgage products and services. Regions serves customers in the South, Midwest and Texas and, through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member of the FDIC. Additional information about Regions and its full range of products and services can be found at www.regions.com.
About the Regions Community Development Corporation
Regions Community Development Corporation (RCDC) is a wholly owned subsidiary of Regions Bank and serves as a catalyst to help revitalize communities and improve the lives of economically disadvantaged families in the Regions footprint. RCDC helps fulfill the regions mission of making lives better by providing debt and/or equity financing for projects and entities with a community development objective.
Bank of Regions
Bank of Regions
Regions Financial Corporation (NYSE:RF), with $147 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of retail and commercial banking services, wealth management and mortgage products and services. Regions serves customers in the South, Midwest and Texas and, through its subsidiary, Regions Bank, operates more than 1,300 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member of the FDIC. Additional information about Regions and its full line of products and services is available at www.regions.com.
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