The Mission Driven Bank Fund (MDBF) has announced a strategic investment in American Bancorp Inc., the parent company of American Pride Bank, marking its eighth investment in mission-aligned financial institutions. The capital infusion will enable the bank to expand its lending activities in low- and moderate-income communities, with a particular focus on supporting minority entrepreneurs and homeowners.
Currently, nearly 75% of American Pride Bank's loans are directed to businesses in minority communities, and the new investment will further enhance its capacity to provide innovative financial products. The bank plans to launch a specialized mortgage division and expand its real estate, small business, and consumer lending services.
This investment is part of MDBF's broader strategy to foster a more inclusive banking system by supporting Minority Depository Institutions (MDIs) that serve African American, Native American, Asian, Hispanic, and Pacific Islander communities. By providing targeted capital and technical services, the fund aims to drive significant growth in mission-driven banking and contribute to closing the racial wealth gap.
Dominik Mjartan, CEO of American Bancorp Inc., emphasized the bank's commitment to ensuring financial access for overlooked and underserved populations. The investment represents a critical step in creating pathways for generational wealth-building and supporting small business success in communities traditionally marginalized by mainstream financial institutions.
The Mission Driven Bank Fund, which is raising capital through May 2025, continues to demonstrate its dedication to transforming the banking landscape by supporting institutions that prioritize community development and economic equity.
