Black-Owned Banks Getting a Revenue Boosting Product From JPMorgan

JPMorgan Chase & Co. developed an investment product for Black-owned banks and made equity investments in four minority depository institutions, part of an earlier pledge to help address the U.S. racial wealth gap.

The product — a special class of shares offered across JPMorgan’s money market funds — will initially be distributed by the Harbor Bank of Maryland, Liberty Bank & Trust, M&F Bank and Unity National Bank, according to a statement Tuesday.


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