The Mission Driven Bank Fund (MDBF) closed the second quarter with new investments in Anchor Bank and Icon Business Bank, providing capital intended to support their efforts to serve local communities. The investments underscore the Fund's objective of strengthening mission-focused banks to expand their community impact.
MDBF's investment in Anchor Bank, a Florida-chartered minority depository institution (MDI), marks the Fund's first follow-on investment after initially investing in the bank in 2024. Since MDBF's first investment, the bank has grown from approximately $350 million in assets to over $600 million, including a recent expansion into Georgia with its assumption of Community Bank & Trust – West Georgia in May. Nelson Hinojosa, President and CEO of Anchor Bank, stated, 'Our mission is to provide consumer and commercial banking services through a responsive, relationship-focused banking model. MDBF's latest investment will help us continue to grow and execute on our mission of promoting homeownership and supporting local businesses.'
Opened in 2023, Icon Business Bank is an MDI serving businesses, business owners, families, and individuals throughout Southern California with customized lending and depository solutions. Ernie Hwang, President and CEO of Icon Business Bank, commented, 'As a relationship-focused institution, Icon Business Bank is honored to join MDBF's portfolio of banks committed to expanding financial access and supporting community impact. This investment will support our continued growth and strengthen our ability to deliver customized banking solutions to more businesses and individuals in the markets we serve.'
The latest investments bring the total number of MDBF portfolio banks to 15. Portfolio banks continue to actively participate in the Fund's technical services program, which provides targeted support to build their organizational capacity. The Mission Driven Bank Fund works to foster a stronger, more accessible banking system by investing in and providing technical services to mission-driven banks that offer credit and financial services to low- and moderate-income (LMI) and other underserved communities across the country. For more information, visit www.missiondrivenbankfund.org.
