J2 Global, Inc. (NASDAQ:JCOM), a leading Internet information and services company, announced today that it is depositing $10 million with Black-run banks and credit unions. The deposits are intended to allow these institutions to originate additional loans that will foster economic opportunity within underserved Black communities.
The credit unions and banks, which are operated by Black CEOs and recognized by BankBlackUSA, include:
- Hope Credit Union (HOPE), which has branches throughout the Mississippi Delta and Alabama Black Belt;
- The Harbor Bank of Maryland, which primarily serves the Baltimore, Maryland Metropolitan area;
- Broadway Federal Bank, the leading community-oriented savings bank in Southern California serving low-to-moderate income communities; and
- Carver Federal Savings Bank, a leader in community-focused banking services headquartered in Harlem, NY.
“The #BankBlack Movement presents an opportunity for companies to make a real impact in Black communities,” said Vivek Shah, CEO of J2 Global. “Banks and credit unions are well-positioned to create economic opportunity for the communities they serve.”
“J2 Global’s deposit was made into our East Baltimore Branch and expanded its deposit base by 17%. There are significant economic development needs in the surrounding community and the investment serves to support small business and residential lending activity,” said John Lewis, President of The Harbor Bank of Maryland. “It’s a demonstration that large corporations, wherever they are headquartered, can use their resources to support African-American led and local institutions who are on the ground doing the work to create economic opportunity and development.”
“The Carver Federal Savings Bank team is honored to be included and recognized by J2 Global as part of their stance to support economic development and equality,” said Michael Pugh, President and CEO of Carver Federal Savings Bank. “Supporting black communities and minority depository institutions (MDIs) like Carver further demonstrate J2 Global’s commitment to being socially responsible leaders. We are confident that the new banking relationship will enable Carver to continue our focus on providing access to capital to Small Business Entrepreneurs in the communities that we serve.”
“Every dollar deposited by J2 Global in Hope Credit Union will support Black families, homeowners and entrepreneurs across the Deep South,” said HOPE CEO Bill Bynum. “Investing in financial institutions that are accountable to people of color is a proven way to close the racial wealth gap and expand economic opportunity in an increasingly diverse America.”
“J2 Global’s deposit is another affirmation of Broadway Federal Bank’s strong financial condition during a difficult economic environment and its recognition of the critical role that Minority Depository Institutions play within underserved urban communities,” said Wayne-Kent Bradshaw, CEO of Broadway Federal Bank. “Furthermore, it demonstrates J2 Global’s confidence in Broadway’s ability to effectively originate loans that support the Bank’s mission of serving low-to-moderate income communities in Southern California, many of which have been disproportionately impacted by the COVID-19 pandemic.”
J2 Global believes that doing is greater than talking. These cash deposits are part of J2 Global’s ongoing stand against systemic racism and solidarity with the Black community. For more information on our efforts, visit https://www.j2global.com/general/doinggreaterthantalking/.
About J2 Global
J2 Global, Inc. (NASDAQ: JCOM) is a leading Internet information and services company consisting of a portfolio of brands including IGN, Mashable, Humble Bundle, Speedtest, PCMag, Offers.com, Spiceworks, Everyday Health, BabyCenter and What To Expect in its Digital Media segment and eFax, eVoice, iContact, Campaigner, Vipre, IPVanish and KeepItSafe in its Cloud Services segment. J2 Global reaches over 230 million people per month across its brands. As of December 31, 2019, J2 Global had achieved 24 consecutive fiscal years of revenue growth. For more information, visit: www.j2global.com.