BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE: STT) today announced that it has placed an additional round of deposits through three Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs), Liberty Bank, Native American Bank and Sunrise Banks. These placements also mark the completion of the firm’s $100 million initiative that launched earlier in 2024 and designed to expand access to financial services through MDIs and CDFIs.

“Today marks a significant milestone in our commitment to foster economic inclusion and drive positive change in communities across the US,” said Kimberly DeTrask, executive vice president and treasurer at State Street. “We are pleased to welcome three new partner banks to our MDI and CDFI initiative, and to meet our $100 million investment target. State Street is proud to continue to leverage its resources to help create opportunities and empower communities for the long term.”

Earlier this year, State Street announced its goal to invest $100 million to facilitate low-cost, stable deposit funding to MDIs and CDFIs, to support the firm’s broader business strategy to expand the financial market ecosystem and help unlock economic potential by encouraging long term growth and job creation. This program builds upon State Street’s actions to advance racial equity. In 2020, State Street announced its 10 Actions to Address Racism and Inequality, a 10-point action plan with the ultimate goal of helping to end systemic racism in our communities. Additionally, the firm completed an independent Civil Rights Audit, which provided recommended actions to help establish State Street as an industry leader in advancing civil rights and racial equity.

Liberty Bank and Trust Company, chartered in New Orleans, Louisiana in 1972, stands as the largest Black-owned financial institution in the United States. With a footprint across 11 states and assets of more than $1 billion, Liberty was founded to empower possibility in underserved communities by providing equitable access to quality financial services. Their efforts focus on growing small businesses, facilitating homeownership, alleviating debt burdens, generating job opportunities, and fostering meaningful and lasting economic impact.

"We are grateful for State Street Corporation’s intentionality in supporting Community Development Financial Institutions,” said Todd McDonald, president of Liberty Bank and Trust Company. "This partnership will help address community inequities and advance our financial inclusion and economic empowerment mission at Liberty Bank."

Native American Bank, N.A. was chartered as a national community development focused bank. Committed to being a self-sustaining CDFI, Native American Bank is the only national American Indian owned community development bank in the country. The bank proudly received an “outstanding” on the most recent Community Reinvestment Act (CRA) exam. Their primary mission is to assist Native American and Alaskan Native individuals, enterprises and governments to reach their goals by providing affordable and flexible banking and financial services.

“Native American Bank is particularly grateful for the partnership with State Street,” said Tom Ogaard, president and CEO of Native American Bank. “Their financial support will make a significant difference in our mission to bring access to capital in Indian Country.”

Sunrise Banks is no ordinary bank; it strives to be a place where money and values meet for their customers and communities. They do this by prioritizing social responsibility, community impact and environmental sustainability alongside their essential financial products and services. With locations in Minneapolis/St. Paul, Minnesota and Sioux Falls, South Dakota, Sunrise Banks seeks to build meaningful relationships, empower financial wellness and drive positive change.

Sunrise Banks is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact.

“As a values-based bank, we strive to be a force for good for our customers and communities every day,” says David Reiling, president and CEO of Sunrise Banks. “With this mission-based deposit through State Street, we will be able to invest in more projects and initiatives designed to empower financial wellness, foster inclusivity, and support economic growth. We appreciate the trust State Street is putting into how Sunrise Banks builds and uplifts these relationships so we can all make sustainable choices for a better future.”

Click here to learn more about the ways in which State Street has continued to advance this mission.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.8 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of September 30, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of September 30, 2024 includes approximately $83 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (“SSGA FD”) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

© 2024 State Street Corporation

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