Bank of America Buys Stakes in 3 Minority-Focused Banks

Bank of America (NYSE: BAC) on Monday announced it is plowing fresh equity investments into three lenders that concentrate on services for minority groups. These investments give it stakes of nearly 5% apiece in small banks Carver Bancorp, Carver Financial, and CNB Bancorp.

These moves are part of a wider initiative Bank of America launched in June: a four-year, $1 billion program aimed at boosting racial equality and opportunity for members of minority groups. Of this, $50 million has been earmarked to financially support minority depository institutions (MDIs) and community development financial institution (CDFI) lenders.

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Source Fool.com