On June 5th, U.S. Bank announced a series of social and economic initiatives to bridge specific gaps and enhance opportunity for people of color. The announcement comes as the Bank’s response to the death of George Floyd who died at the hands of Minneapolis police officers. The announcement also included a pledge to remain in the communities served by the bank.
“We chose to serve these communities, and we will not turn our backs or abandon the neighborhoods where so many are hurting right now,” said Andy Cecere, chairman, president and CEO of U.S. Bank. “We will continue to provide jobs, banking services and financial education in the areas that have been traumatized during the past week.”
The initiatives include:
- U.S. Bank Foundation to establish $15 million dollar fund to award community grants focused on systemic economic and racial inequities in the areas of small business, affordable housing, and workplace development.
- Double partnerships with African American Suppliers in the next 12 months
- Provide $100 million annually in additional capital to African-American owned/led businesses or organizations
- Help rebuild, and reinvest in affordable housing, and retail commercial businesses
- Launch $1 Million dollar Community Development Financial Institutions (CDFI) partnership program
- Provide additional 8 hours of paid time off for employees to volunter in their communities over the next two months
- Invest an additional $1 million to its employee assistance fund which supports employees facing financial hardships
As of March 31, 2020, U.S. Bancorp had $543 billion in assets, and over 70,000 employees. The full announcement is available at U.S. Bank Announcement