The Mission Driven Bank Fund has completed its second close after raising $65 million.
The Cleveland fund, which invests in minority depository institutions (MDIs) and community development financial institutions (CDFIs), has raised more than $177 million since its formation.
The fund’s limited partners include Lake City Bank, Enterprise Bank & Trust, Hancock Whitney Bank and Banner Bank.
The investment “aligns with our mission, purpose and core values and supports working together to help people and businesses grow and protect their financial futures, which in turn supports strong economies, new opportunities, and enhanced quality of life for all people in the communities we serve,” John Hairston, Hancock Whitney’s president and CEO, said in a press release.
The fund will have more closings through May 2025.