BANCPLUS CORPORATION NAMED CDFI AND ISSUED $80.914 MILLION IN PREFERRED STOCK
BancPlus Corporation, the parent company of BankPlus, today announced the bank has been certified a Community Development Financial Institution (CDFI) and received $80.914 million in capital by issuing preferred stock through the Community Development Capital Initiative (CDCI) program administered and approved by the United States Department of the Treasury. As a designated CDFI, BancPlus Corporation qualified for these funds to further the bank’s mission of community development.
BancPlus Corporation will hold these funds at the parent company level as liquidity for BankPlus to provide essential banking products and services in underserved areas, as well as fund the bank’s cornerstone community development products and services including CreditPlus and the BankPlus Affordable Housing Program.
“Given our overwhelming commitment to the communities we serve, BankPlus has really always operated as a CDFI, serving the Delta and other small towns or rural areas,” said Bill Ray, President and CEO of BankPlus. The bank’s certification as a CDFI makes this continued commitment a more formal part of our charter, and demonstrates the U.S. Treasury’s confidence in BankPlus and our ability to appropriately use this capital to continue to benefit Mississippi communities.”
CDFI’s are specialized financial institutions that create economic opportunity for individuals and small businesses, and help provide quality affordable housing and essential community services. CDFI’s help bridge the growing U.S. financial services gap by bringing capital and financial services to low-income people and communities, affording them access to capital to start businesses, build and purchase homes, and develop needed community facilities.
BankPlus is the largest CDFI in Mississippi and the second largest in the nation based on December 31, 2009 data.