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.
