The Mission Driven Bank Fund has taken a significant step towards enhancing its impact on the mission-driven banking sector by appointing its inaugural Mission Advisory Committee. The committee, comprising seven industry leaders with extensive expertise in Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), and the broader banking industry, will play a crucial role in evaluating the Fund’s investments and their alignment with mission objectives.
Paul Welch, portfolio manager of the Fund, emphasized the importance of this committee, stating, ‘The committee provides valuable perspective on identifying and capturing impact within the mission-driven banking sector.’ This independent body is expected to bring objectivity and depth to the assessment of the Fund’s performance in achieving its goals.
The newly appointed committee members bring a diverse range of experiences and perspectives to their roles. The roster includes Michael Collins, an executive from the Federal Reserve Bank of Philadelphia and retired TD Bank executive; Nicole Elam, CEO of the National Bankers Association; and Kim Fraser, founder and CEO of Bankable FINTECH. Other members are Susan Greene, senior vice president at Bank of America; Jeannine Jacokes, CEO of the Community Development Bankers Association; Bob Jones, senior advisor to the CDBA and retired CEO & chairman of United Bank; and Armando Ramirez, managing director at Pickwick Capital Partners with a background in strategic planning and corporate development.
Eric Heisner, a portfolio relationship manager and investment committee member of the Fund, highlighted the committee’s potential impact, noting, ‘This committee brings deep and diversified expertise and enthusiasm that will allow it to evaluate and give feedback to the General Partner on how well the Fund is meeting its mission goals.’ He further emphasized the committee’s valuable role in supporting the Fund’s mission-first focus and its nationwide reach to MDIs and CDFIs.
The establishment of this committee aligns with the Mission Driven Bank Fund’s overarching goal of fostering a stronger and more inclusive banking system. The Fund aims to achieve this by investing capital and providing technical services to CDFIs and MDIs that specifically target African American, Native American, Asian, Hispanic, and Pacific Islander communities. This focused approach is designed to drive significant growth and financial resiliency in the mission-driven bank sector, ultimately contributing to progress in closing the racial wealth gap.
The Fund’s structure involves collaboration between Elizabeth Park Capital Management, a specialist firm investing in U.S. banks, and Calvert Impact, a leading impact investing firm, as members of the Fund’s general partner. Additionally, Strategic Value Bank Partners serves as a subadvisor, while Performance Trust acts as a capital advisor and structuring agent for the Fund.
This development in the mission-driven banking sector holds significant implications for the financial industry and communities across the United States. By strengthening the infrastructure and support for MDIs and CDFIs, the Fund aims to enhance financial inclusion and economic opportunities for underserved populations. The Mission Advisory Committee’s role in ensuring the Fund’s investments align with its mission objectives adds a layer of accountability and expertise that could potentially amplify the Fund’s impact.
As the financial industry continues to grapple with issues of equity and inclusion, initiatives like the Mission Driven Bank Fund and its newly formed Mission Advisory Committee represent important steps towards creating a more diverse and accessible banking system. The success of this endeavor could serve as a model for similar initiatives in the future, potentially reshaping the landscape of community-focused banking and economic development in underserved areas.
For those interested in learning more about the committee and its members, additional information can be found at https://missiondrivenbankfund.org/advisors. The establishment of this committee marks a significant milestone in the Fund’s efforts to drive meaningful change in the mission-driven banking sector and contribute to the broader goal of economic equity.
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