CHARLOTTE, N.C., and REDMOND, Wash. — Dec. 2, 2021 — Microsoft Corp. (Nasdaq: MSFT) and Truist Financial Corporation (NYSE: TFC), as anchor investors in the Mission-Driven Bank Fund, on Thursday announced the issuance of a request for proposal (RFP) to identify qualified candidates to manage the fund on behalf of investors. The RFP submission period will be open Dec. 2, 2021 through Feb. 4, 2022.
The Mission-Driven Bank Fund is a capital investment vehicle designed by the Federal Deposit Insurance Corporation (FDIC) to channel private capital and other resources to FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs), which collectively are mission-driven banks. These institutions play a crucial role in serving the needs of minority and rural neighborhoods through affordable financial products that support small-business development, community development, affordable housing, and other initiatives that foster growth and create opportunity and prosperity.
The fund will provide “patient capital” to mission-driven banks serving historically excluded communities across the country, prioritizing social impact objectives over the fund rate of return. In addition to investment capital, the fund will be focused on providing access to support resources such as technical training, assistance in developing lending and investment products, banking operations, and more.
As anchor investors, Microsoft and Truist are seeking fund manager candidates that represent a diverse and inclusive pool of investment management talent including minority- and women-owned fund management firms. The RFP period is intended to ensure that the selected fund manager is well suited to meet the diversity- and mission-driven intentions of the fund. To achieve this objective, a partnership of fund managers or more than one fund manager may be selected. Microsoft and Truist will not be involved in the investment decisions of the fund.
More information and a download of the RFP can be found at RFP website. Questions about the Mission-Driven Bank Fund or the RFP process can be directed to [email protected]. Interested candidates are encouraged to send an email to be added to the distribution list for news and updates affecting RFP submissions.
About the Fund
The Mission-Driven Bank Fund is a collaborative investment framework to drive capital investment and other funding to FDIC-insured MDIs and CDFIs that support low- and moderate-income, minority, and rural communities, enabling them to build size, scale, and capacity to in turn allow them:
- To provide affordable financial products and services to individuals and businesses;
- To stimulate economic and community development; and,
- To build opportunity and prosperity.
In designing the framework of the fund, the FDIC engaged approximately 70 Chief Executive Officers of MDIs and CDFIs and their trade groups as well as potential investors, investment consultants, and philanthropic organizations. The creation of the fund supports the FDIC’s commitment to preserving and promoting mission-driven banks. The FDIC will retain an advisory role to support the fund’s mission focus, but will not contribute capital to, manage, or be involved in the fund manager selection process or investment decisions of the fund.
About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $530 billion as of September 30, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.
For more information, press only:
Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, [email protected]
Miguel Sepulveda, [email protected]
Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://news.microsoft.com. Web links, telephone numbers and titles were correct at time of publication, but may have changed. For additional assistance, journalists and analysts may contact Microsoft’s Rapid Response Team or other appropriate contacts listed at https://news.microsoft.com/microsoft-public-relations-contacts.
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