MBN USA

October 22, 2021

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The investment supports 10 additional Black, Hispanic, Latino MDIs and CDFIs

Supports 10 additional Black, Hispanic and Latino MDIs and CDFIs, offers customers free access to more than 16,000 Chase ATMs and continues advisory and support

Empower money market share class surpasses $5 billion in assets under management

JPMorgan Chase recently announced additional investments and commitments exceeding $100 million in Black, Hispanic and Latino-owned and -led Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). Less than one year since announcing its $30 billion racial equity commitment, the firm has more than doubled its original $50 million pledge to MDIs and CDFIs by investing in a total of 14 diverse-led financial institutions, impacting more than 87 communities across 18 states and the District of Columbia.

JPMorgan Chase increased its commitment after seeing the impact of its initial $40 million investment in four MDIs earlier this year. To date those MDIs have used the capital to hire staff, invest in technology enhancements and expand into new markets. Diverse financial institutions play an important role in providing vital financial services, such as mortgages and small business loans, to underserved communities. According to the FDIC, every dollar of equity capital invested can increase MDI lending by eight to ten times. Meaning, JPMorgan Chase’s $100+ million investment could generate access to more than $1 billion in community lending across the nation, helping to create wealth, grow local businesses and improve customer experiences in those communities.

The new investments will support:

• Arkansas-based Southern Bancorp
• Florida-based Sunstate Bank
• Georgia-based Carver State Bank and Citizens Trust Bank
• Maryland-based The Harbor Bank of Maryland
• Michigan-based First Independence Bank
• South Carolina-based Optus Bank
• Texas-based Rio Bank and Unity National Bank
• Washington D.C.-based Industrial Bank

“We’re focused on strengthening these critical institutions by providing additional access to capital, connections to institutional investors, and offering mentorship and training opportunities,” said Doug Petno, CEO of Commercial Banking at JPMorgan Chase. “We know that every dollar invested in MDIs and CDFIs has a multiplying effect in our communities and we’re proud to help advance the sustainable change needed to close the racial wealth gap across the country.”

In addition to direct equity investments, MDIs and CDFIs working with JPMorgan Chase will also:

• Become J.P. Morgan clients, connecting them to the firm’s expertise, solutions and network
• Gain access to more than 16,000 of the firm’s ATMs—beginning November 1, 2021, Chase will not charge a fee for participating MDI and CDFI customers who make a withdrawal at a Chase ATM
• Receive customized training and advisory support from the firm’s Advancing Black Pathways Fellows and Service Corps programs

The firm also announced that J.P. Morgan Asset Management’s Empower money market share class has surpassed $5 billion in assets under management since launching in February. The Empower share class was established as part of the firm’s Empowering Change program, connecting MDIs and diverse-led CDFIs with institutional investors to create new income streams for partner banks. MDIs participating in the program include Citizens Trust Bank, Liberty Bank, M&F Bank, Optus Bank, The Harbor Bank of Maryland, and Unity National Bank.

“It’s important that we use our resources to help uplift as many local communities as possible,” said Brian Lamb, Global Head of Diversity & Inclusion at JPMorgan Chase. “Our financial commitment was just the beginning of our journey. We know that creating lasting change requires ongoing support and we’re thrilled to work with more Black, Hispanic and Latino MDIs and CDFIs to help drive generational change in our communities.”

JPMorgan Chase’s investment in MDIs and CDFIs is one of the firm’s initiatives to help close the racial wealth gap. Other initiatives include the recently announced $350 million, five-year global commitment to grow diverse-owned small businesses and help create a more inclusive recovery from the COVID-19 pandemic, which encompasses $42.5 million to help scale the successful Entrepreneurs of Color Fund (EOCF) program.

To learn more about how JPMorgan Chase is working to advance racial equity and bridge the racial wealth gap, visit www.jpmorganchase.com/pathforward.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About Carver State Bank

Carver State Bank is a member of the National Bankers Association and Georgia Bankers Association. Carver is the only bank headquartered in Savannah that is certified by the United States Treasury Department as a Community Development Financial Institution (CDFI) and is currently one of only 18 African- American-owned commercial banks in the United States. Carver’s mission is to provide our community with the building blocks to financial freedom. As the only bank in Savannah headquartered in one of the area’s five low-income census tracts, the bank seeks to improve the lives of low-income individuals and residents of distressed communities.

About Citizens Trust Bank
Celebrating 100 years in the community, Citizens Trust Bank remains committed to providing personalized service and financial solutions to meet the growing needs of the community. Through a legacy built on economic equality and well-being, we go beyond meeting the needs of offering banking solutions; our mission is to empower our customers and future generations for financial success. The bank takes pride in offering its financial solutions throughout metropolitan-Atlanta and Birmingham and Eutaw, Alabama. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the public under the trading symbol CZBS and can be found at www.ctbconnect.com.

About First Independence Bank

First Independence Bank is the 7th largest Black-owned commercial bank in the United States. It offers a variety of high-quality banking services from managing accounts to personal loans, mortgages, consumer education and investments. First Independence bank has three locations and offers banking solutions online and digitally through its mobile app. Established in 1970, the bank continues to be a responsible leader, efficiently serving the financial needs of its community, its businesses, and its customers nationwide. First Independence Bank is a member of FDIC and Equal Housing Lender. For more information visit http://www.firstindependence.com.

About Harbor Bank of Maryland

Harbor Bank of Maryland was founded in 1982 and is a Maryland chartered commercial bank serving Maryland, Washington D.C. and Northern Virginia. As a designated CDFI, MDI, SBA 7(a) and USDA lender, Harbor Bank offers checking, savings, time deposits, credit cards, debit cards, commercial real estate, personal, home improvement, and other installment and term loans. The bank is also a member of local and national ATM networks.

About Industrial Bank

Industrial Bank is one of the largest African American owned banks in the United States. Since 1934, Industrial Bank has been a strong partner for small and large businesses, homeowners, and personal banking account customers in the Washington, DC and surrounding metropolitan areas.

About Optus Bank

Optus Bank is a community bank, with a mission-driven purpose. We help strengthen our community by closing the wealth gap created by systemic disparities in the financial industry. By providing loans and banking services to local businesses and individuals we serve to turn deposits into direct support for the communities where our customers live and work. Optus Bank was built upon the foundation created 100 years ago by visionary African American leaders who established Victory Savings and Loan to provide access to capital to individuals and business excluded from the banking system – and our main goal has remained the same – ensuring that wealth building is not just for the wealthy. Optus Bank is a Minority Depository Institution and a Certified Community Development Financial Institution, a mark of distinction reserved for financial institutions committed to empowering economically distressed communities.

About Rio Bank

Rio Bank is a community bank based in McAllen, Texas with operations across the Rio Grande Valley. With 15 locations along the United States/Mexico border, Rio Bank and its nearly 200 bankers serves their customers in their communities. The bank is a leader in commercial lending and has a full range of banking, Trust, Mortgage and other financial services. Rio Bank had $745 million in assets and $372 million in loans as of June 21, 2021. The bank is focused on helping its community grow by adhering to their values of Honesty, Integrity and Quality Service.

About Southern Bancorp

Founded in 1986 by some of the nation’s leading political, business, and philanthropic leaders with an initial investment of $10 million, Southern Bancorp, Inc., along with its development partners – Southern Bancorp Bank and Southern Bancorp Community Partners, has grown into a $1.9 billion asset organization with 52 locations serving 65,000 customers across two states with a unique array of financial products and services designed to help individuals at all stages of life’s financial journey – from teaching kids how to save to helping entrepreneurs and families realize the American Dream. Southern Bancorp is a certified Community Financial Development Institution, certified B-Corp, and proud member of the Global Alliance for Banking on Values. Learn more at www.BankSouthern.com and www.SouthernPartners.org.

About Sunstate Bank

Founded in 1999, Sunstate Bank is a full-service community bank headquartered in Miami Dade County with branches in Palmetto Bay, Coral Gables, and West Miami, and $525 million in total assets. The financial institution provides “State of the Art” banking and competitive loans to businesses of all sizes, real estate investors, Latin American companies, and individuals from all walks of life. Sunstate Bank works closely with organizations like Alfalit for Literacy, the AAA Scholarship Foundation, the Deering Estate Foundation, and the Center for Financial Training Southeastern’s Future Banker’s Camp, and more to give back to the communities it serves. For more information, please visit www.sunstatefl.com.

About Unity National Bank

Unity National Bank of Houston, N.A., 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.