Popular, Inc. invests in minority owned bank, Greenwood
In the last two years, and in the wake of a more prominent conversation around systemic racism, many of the U.S. financial institutions have started to invest in Black-owned financial companies with a mission to meet the needs of underserved borrowers. Marginalized communities often struggle to enter the banking mainstream – due to a lack of trust or a lack of inclusive financial products – making access to a minority owned bank an important factor in building a brighter financial future.
Supporting Black innovation.
Last year Popular Bank’s parent company, Popular, Inc., joined several financial industry leaders to invest in Greenwood, a new digital banking platform for Black and Latinx entrepreneurs. Since March 2021, Popular, Inc. has invested $1 million in the minority owned bank as part of our broader strategy to help support innovators committed to creating positive change across communities.
A mission-driven minority owned bank.
Based in Atlanta, Greenwood takes its name from Tulsa, Oklahoma’s Greenwood District. An affluent African American neighborhood dubbed “Black Wall Street” that was destroyed in 1921 as a result of racial violence. Co-founded by former Mayor of Atlanta, Andrew J. Young, musician and activist Michael Render, and television executive Ryan Glover, Greenwood focuses on developing programs and products that support Black and Latinx businesses and causes.
Earlier this year they acquired The Gathering Spot, a digital hub for co-working and collaborating. Together, the companies plan to build a networking platform that will support community lending, entrepreneurship, and wealth building.
Popular’s commitment to our customers and communities.
Our own story is not unlike that of Greenwood. Popular, Inc. was founded on a very strong connection to the communities that we serve, with a mission to help our customers plan for a successful tomorrow. That commitment remains strong nearly 130 years later.
This month marks a year since Juneteenth became a federal holiday. As we celebrate and reflect on the day of emancipation, it is important to continue making strides toward an inclusive financial future. As a Minority Depository Institution (MDI), we understand the positive impact that supporting a minority owned bank can have on the economic well-being of a community.
Popular Bank is a subsidiary of Popular, Inc. (Nasdaq: BPOP). Popular, Inc. ranks among the top 50 U.S. bank holding companies by assets and has been serving clients for over 128 years.