Unbanked and Underbanked
A Morning Consult survey of 4,400 U.S. adults found:
Source:
https://morningconsult.com/unbanked-and-underbanked-americans 16
mobankers.com
“Our bank is only as strong as the neighborhoods we serve,” said Orvin Kimbrough, chairman/CEO of Midwest BankCentre. “Investing in human, social and financial capital supports our primary commitments to expand client prosperity, fuel the growth of St. Louis’ economy and finance solutions to societal challenges.”
Half of the bank’s 18 branches are in low- to moderate-income community census tracts. Kimbrough said this affects both the commercial and retail sides of the business.
“On the retail side, area residents have a ready alternative to costly payday lenders and a local, personal resource to ask for individualized help,” he said. “On the business side, proof of impact is apparent in that 30% of all the bank’s business loans during 2020 went to businesses located in the region’s LMI areas.”
Trough its nonprofit and public-sector partnerships, Midwest BankCentre opened branches in largely African- American communities. In 2012, the bank partnered
with the city of Pagedale and the nonprofit agency Beyond Housing to open the first full-service bank branch in Pagedale, the 24th poorest city in the United States. Five years later, the bank partnered with Friendly Temple Church, a 12,000-member church based in North St. Louis City’s 99% Black Wells- Goodfellow neighborhood, to open a branch on the church’s campus. Tis bank was the first full-service facility to open in the area since 2009. Tese two branches — both in LMI communities — created about $11.3 million in additional regional revenue and more than $9.7 million in consumer wealth.
Kimbrough notes these investments have shown the importance of financial institutions doing more than just accepting deposits in LMI areas. Banks also must deploy that capital locally.
“We’ve made a decision to invest more money in loans within these communities than we receive in local deposits,” he said. “Local community members have come to trust that when they partner with Midwest
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