State Street Announces $100 Million Program for Minority Depository Institutions and Community Development Financial Institutions

February 29, 2024

BOSTON–(BUSINESS WIRE)– State Street Corporation (NYSE: STT) today announced a $100 million program to provide low-cost, stable deposit funding to minority depository institutions (MDIs)1 and Community Development Financial Institutions (CDFIs)2, to support the firms’ collective missions of addressing inequities in our communities by working toward a more just and equitable future.

As a part of this program, the firm is initially partnering with two mission-driven MDIs – Optus Bank and Mechanics & Farmers Bank (M&F Bank). Both MDIs and CDFIs support low-to-moderate income communities through lending, affordable housing and workforce development.