Business
J2 Global to Deposit $10 Million in Black-Run Banks and Credit Unions
LOS ANGELES--(BUSINESS WIRE)-- J2 Global, Inc. (NASDAQ:JCOM), a leading Internet information and services company, announced today that it is depositing $10
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[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nJ2 Global, Inc. (NASDAQ:JCOM), a leading Internet information and services company, announced today that it is depositing $10 million with Black-run banks and credit unions. The deposits are intended to allow these institutions to originate additional loans that will foster economic opportunity within underserved Black communities.\n\nThe credit unions and banks, which are operated by Black CEOs and recognized by BankBlackUSA, include:\n\n\nHope Credit Union (HOPE), which has branches throughout the Mississippi Delta and Alabama Black Belt;\n\n\nThe Harbor Bank of Maryland, which primarily serves the Baltimore, Maryland Metropolitan area;\n\n\nBroadway Federal Bank, the leading community-oriented savings bank in Southern California serving low-to-moderate income communities; and\n\n\nCarver Federal Savings Bank, a leader in community-focused banking services headquartered in Harlem, NY.\n\n\n“The #BankBlack Movement presents an opportunity for companies to make a real impact in Black communities,” said Vivek Shah, CEO of J2 Global. “Banks and credit unions are well-positioned to create economic opportunity for the communities they serve.”\n\n“J2 Global’s deposit was made into our East Baltimore Branch and expanded its deposit base by 17%. There are significant economic development needs in the surrounding community and the investment serves to support small business and residential lending activity,” said John Lewis, President of The Harbor Bank of Maryland. “It’s a demonstration that large corporations, wherever they are headquartered, can use their resources to support African-American led and local institutions who are on the ground doing the work to create economic opportunity and development.”\n\n“The Carver Federal Savings Bank team is honored to be included and recognized by J2 Global as part of their stance to support economic development and equality,” said Michael Pugh, President and CEO of Carver Federal Savings Bank. “Supporting black communities and minority depository institutions (MDIs) like Carver further demonstrate J2 Global’s commitment to being socially responsible leaders. We are confident that the new banking relationship will enable Carver to continue our focus on providing access to capital to Small Business Entrepreneurs in the communities that we serve.”\n\n“Every dollar...