Financial Institutions Owned and Controlled by Socially and Economically Disadvantaged Individuals

In order to remain compliant with federal regulations, we must thoroughly investigate the full extent of services offered by financial institutions owned and controlled by socially and economically disadvantaged individuals in our community and make reasonable effort to utilize these institutions.

The FDIC has published and maintains a list of all Minority Depository Institutions in the U.S., which are defined as follows:

  1. 51 percent or more of the voting stock is owned by minority individuals; or
  2. A majority of the board of directors is minority and the community that the institution serves is predominantly minority.

Ownership must be by U.S. citizens or permanent legal U.S. residents to be counted in determining minority ownership. The FDIC's published list of FDIC-insured minority depository institutions does not include women-owned or women-managed institutions because they are not included in the statutory definition.

To access the FDIC's website, along with the list of Minority Depository Institutions updated quarterly, please visit https://www.fdic.gov/regulations/resources/minority/mdi.html.