City National Joins with OneUnited Bank, Committing a $10 Million Deposit to Empower Communities of Color in Southern California

Feb 29, 2024

LOS ANGELES - To round out the celebration of Black History Month, City National Bank is proud to deposit $10 million of its capital into OneUnited Bank, the only Black-owned bank in California and the largest Black-owned bank in the nation. With the investment, City National and OneUnited will launch a comprehensive program aimed at bolstering economic development in historically underserved minority populations across Southern California.

Kevin Cohee, Chairman and CEO, OneUnited Bank, expressed optimism about the collaboration, stating, "We believe our new partnership with City National Bank will create more financial opportunities for Black and Brown communities in Los Angeles. This partnership signals the sincere commitment of City National to bring the full weight of its intellectual and financial resources to helping urban communities of Southern California prosper."

Howard Hammond, President and CEO, City National Bank, emphasized the institution's dedication to holistic economic development: "City National is committed to supporting economic progress and growth in underserved communities.  As we work together to strengthen existing businesses, we are also paving the way for future entrepreneurs. We are committed to improving access to affordable housing in the communities we serve.”

David Cameron, Executive Vice President, Personal & Business Banking, City National Bank, added, “OneUnited leads important programs helping individuals, families, and underrepresented businesses achieve their dreams, and we’re pleased to play a role in supporting those initiatives. Through this collaboration with OneUnited, we aim to create a more inclusive and prosperous future for all residents of Southern California.”

This effort will encompass various programs to include targeted loan initiatives to promote affordable housing and small business development, as well as financial education programs. Additionally, support for technology-driven enterprises will be a focal point of the collaboration.

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