Only Black-Owned Bank in Texas Partners With Bank of America
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BLACK-OWNED BANK IN HOUSTON PARTNERS WITH BANK OF AMERICA TO STRENGTHEN ITS SUPPORT TO THE COMMUNITY
Nationwide -- Unity National Bank of Houston, N.A., the only African American owned bank in Texas, has announced that Bank of America has acquired approximately 5% of its common equity. The investment will facilitate benefits to the communities that Unity serves through lending, housing, neighborhood revitalization, and other banking services.
Unity’s Board Chairman Dr. Kase L. Lawal said, “Unity remains committed to the vision of providing banking services to historically underserved businesses and individuals during these trying times. Bank of America’s investment in Unity will strengthen our core community banking philosophy especially during the COVID-19 pandemic.”
The investment is part of Bank of America’s focus on investing $50 million in direct equity investments in Minority Depository Institutions (MDIs) as part of a broader $1 billion, four-year commitment to advance racial equality and economic opportunity.
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Article On Unity National Bank of Houston, N.A. Continues Below...
Unity’s Chief Executive Officer, Ms. Laurie A. Vignaud said, “Across the country, African Americans are disproportionately suffering from the impact of both the COVID-19 pandemic and its economic fallout and have struggled to access federal aid programs designed to mitigate the damage. Bank of America’s investment in Unity is a huge push to drive tangible progress in making systemic changes and reforms that address economic and racial disparities.”
“The investment Bank of America is making in Unity, as well as other MDI’s, is part of our commitment to advancing racial equality and economic opportunity as we work to create more pathways to employment and provide more support for minority entrepreneurs,” said Hong Ogle, Houston Market President of Bank of America. “We remain committed to helping support further lending to Black, Hispanic-Latino and other communities of color.”
About Unity Unity, originally founded in 1963 and later chartered in 1985, is the only African American owned banking institution in Texas. Banks like Unity popped up across the nation during the 1960s civil rights movement. Unity’s leadership remains committed to the vision of providing banking services to historically underserved businesses and individuals and developing the bank into a dynamic banking franchise, serving a diverse customer base. In addition to its inner-city headquarters located in the heart of Third Ward Houston, Unity opened its first branch in Missouri City, Texas, Fort Bend County, in 1998.
Unity intends to continue building a banking organization with multiple branch locations in the Greater Houston Metroplex to provide convenient and professional service to all of its customers. In March 2018, Unity opened an Atlanta, Georgia, branch allowing Unity’s rich legacy to continue in a community well positioned to support and utilize a new minority bank.
For press inquiries, contact Unity National Bank of Houston, N.A. at (281) 835-2418 or jhatcher@unitybanktexas.com
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