Warsaw Federal Savings & Loan in Cincinnati has become a minority depository institution (MDI).
The $97 million-asset mutual said in a press release that it had received the designation from the Office of the Comptroller of the Currency. Warsaw Federal noted that a majority of its directors represent minority groups.
MDIs are minority-owned or operated financial institutions. They have access to enhanced deposit options, among other things.
“MDIs not only provide customers expanded access to the unique financial resources they need but also the chance to invest in our community’s success and wellbeing,” Robie Suggs, who recently became Warsaw Federal’s president, said in the release.
“MDIs are an impactful tool in breaking the generational poverty cycle and offering opportunity for economic equality for all those in the communities we serve,” Suggs added.
Citizens Bank of Edmond in Oklahoma recently qualified as a women-owned bank and an MDI because its biggest shareholder is its employee stock ownership program.