As part of the firm’s recently announced commitment to advancing racial equity, JPMorgan Chase & Co. today announced it has invested $10 million in south Louisiana’s Liberty Bank.
“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,” says Liberty Bank President and CEO Alden J. McDonald Jr. in a prepared statement.
Based in New Orleans, Liberty Bank has for nearly 50 years provided banking services to underserved communities to help them reach their financial needs and goals. Today Liberty serves customers throughout America and has branch locations in nine states. Liberty is one of the largest African American-owned banks in the country.
The announcement today 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 country.