Banks team up to help underserved communities

Wave Staff Report

LOS ANGELES — City National Bank has deposited $10 million of its capital into OneUnited Bank, the only Black-owned bank in California and the largest Black-owned bank in the nation, to help launch a comprehensive program aimed at bolstering economic development in historically underserved minority populations across Southern California.

Kevin Cohee, chairman and CEO of OneUnited Bank, expressed optimism about the collaboration, stating, “We believe our new partnership with City National Bank will create more financial opportunities for Black and brown communities in Los Angeles. This partnership signals the sincere commitment of City National to bring the full weight of its intellectual and financial resources to helping urban communities of Southern California prosper.”

Howard Hammond, president and CEO of City National Bank, emphasized the institution’s dedication to holistic economic development.

“City National is committed to supporting economic progress and growth in underserved communities,” Hammond said. “As we work together to strengthen existing businesses, we are also paving the way for future entrepreneurs. We are committed to improving access to affordable housing in the communities we serve.”

David Cameron, executive vice president for personal and business banking for City National Bank, added, “OneUnited leads important programs helping individuals, families, and underrepresented businesses achieve their dreams, and we’re pleased to play a role in supporting those initiatives. Through this collaboration with OneUnited, we aim to create a more inclusive and prosperous future for all residents of Southern California.”

The partnership will encompass various programs to include targeted loan initiatives to promote affordable housing and small business development, as well as financial education programs. Additionally, support for technology-driven enterprises will be a focal point of the collaboration.

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