CHARLOTTE, N.C., and
REDMOND, Wash., Dec. 2, 2021 /PRNewswire/ -- 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
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@example.com. Interested
candidates are encouraged to send an email to be added to the
distribution list for news and updates affecting RFP
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.
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.
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.
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SOURCE Microsoft Corp.