Unity National Bank Strengthens Its Community Support with Investment from Bank of America
Unity National Bank of Houston, N.A. (“Unity”) today announced that Bank of America acquired approximately 5% of its common equity. The investment will facilitate benefits to the communities that Unity serves through lending, housing, neighborhood revitalization, and other banking services.
Unity’s Board Chairman Dr. Kase L. Lawal said,
“Unity remains committed to the vision of providing banking services to historically underserved businesses and individuals during these trying times. Bank of America’s investment in Unity will strengthen our core community banking philosophy especially during the COVID-19 pandemic.”
The investment is part of Bank of America’s focus on investing $50 million in direct equity investments in Minority Depository Institutions (MDIs) as part of a broader $1 billion, four-year commitment to advance racial equality and economic opportunity.
Unity’s Chief Executive Officer, Ms. Laurie A. Vignaud said,
“Across the country, African Americans are disproportionately suffering from the impact of both the COVID-19 pandemic and its economic fallout and have struggled to access federal aid programs designed to mitigate the damage. Bank of America’s investment in Unity is a huge push to drive tangible progress in making systemic changes and reforms that address economic and racial disparities.”
“The investment Bank of America is making in Unity, as well as other MDI’s, is part of our commitment to advancing racial equality and economic opportunity as we work to create more pathways to employment and provide more support for minority entrepreneurs,”
said Hong Ogle, Houston Market President of Bank of America.
“We remain committed to helping support further lending to Black, Hispanic-Latino, and other communities of color.”