State Street Corporation (NYSE: STT) has announced a new round of deposit placements with Massachusetts-based Leader Bank and Oklahoma-based Local Bank, both minority depository institutions (MDIs) and Community Development Financial Institutions (CDFIs). This marks the latest phase of State Street’s $100 million initiative, aimed at providing low-cost, stable deposit funding to support community growth. To date, 75% of the program’s funds have been allocated.
“We are proud to partner again with Leader Bank and Local Bank, which play crucial roles in empowering underserved communities and fostering economic growth,” said Ron O’Hanley, Chairman and CEO of State Street. “Our collaboration aims to enhance the financial ecosystem and contribute to community development.”
Leader Bank, founded in 2002, is known for its innovative banking solutions and strong community involvement. Sushil K. Tuli, Chairman and CEO, expressed gratitude for State Street’s support, emphasizing its impact on clients’ financial well-being.
Local Bank, established in 1907 and led by Susan Plumb, is a Native-owned institution dedicated to reinvesting 95% of its deposits into Cherokee County. Plumb highlighted the positive effect of State Street’s deposit on community prosperity.
On September 17, State Street will host an event with the CEOs and executive leadership of all participating banks to further strengthen partnerships and explore ways to drive additional impact.
This deposit program is part of State Street’s broader efforts to advance racial equity, building on its 10 Actions to Address Racism and Inequality and an independent Civil Rights Audit.
For more details on State Street’s commitment to these initiatives, visit their website.
About State Street Corporation
State Street Corporation (NYSE: STT) is a leading global provider of financial services, including investment servicing, management, and research. As of June 30, 2024, State Street manages $44.3 trillion in assets under custody and/or administration and $4.4 trillion in assets under management. For more information, visit State Street’s website.
About Leader Bank
Founded in 2002, Leader Bank is a Massachusetts-based financial institution recognized for its innovative banking solutions and community support. More information is available at Leader Bank’s website.
About Local Bank
Local Bank, founded in 1907 and led by Susan Plumb, is a Native-owned institution committed to reinvesting deposits into Cherokee County. More information is available at Local Bank’s website.
