June 2026
Mission Driven Bank Fund update
June 2026
The Mission Driven Bank Fund (MDBF) seeks to foster a stronger and more accessible system by investing capital and providing technical services to FDIC-insured Community Development Financial Institution (CDFIs) and Minority Depository Institution (MDIs) banks. With new investments in 2025 and early 2026, the Fund has continued to lead in providing private capital to FDICinsured, mission-driven banks nationwide. Our growing portfolio of impactful, high-performing banks operates branches coast to coast in more than 10 states.
Investments made in 2025 and early 2026 included seven mission-driven banks headquartered across California, Georgia, Indiana, Mississippi, Ohio, and Texas. The investments in American Pride Bank and Generations Community Bank align with one of the Fund’s key priorities: supporting the formation and growth of new MDIs. Our geographic reach expanded to the Ohio River Valley region with an investment in Warsaw Federal Savings and Loan Association. The bank is one of only two MDIs headquartered in Ohio and the sole MDI currently serving the Cincinnati market. The Fund continues to maintain an active national pipeline of investment opportunities across both MDI and CDFI banks. As of March 2026, nine portfolio banks were MDIs and five were CDFIs.
Significant momentum was achieved in technical services support during 2025. All portfolio banks are engaged with the Fund’s technical services
program, with plans being developed to address a range of needs such as core system conversions, CRM implementation, credit-builder program origination platform software, impact measurement, loan processing technology, marketing and communications, origination software platforms, and website language updates. In addition, a majority of all portfolio banks participated in at least one groupwide webinar offered during the year. Topics included integrating AI into credit decisioning, reciprocal deposits, residential lending, small-dollar loan programs, and supporting small business clients.
The Fund, envisioned by the FDIC and anchored by Microsoft and Truist in 2021, now operates from a position of strength, amplified through strategic alliances and partnerships, including with the Community Development Bankers Association, the National Bankers Association, and our capital advisor, Performance Trust, amongst others. The years of building continue as we deepen industry relationships, broaden our reach across the missiondriven banking ecosystem, and refine our execution through ongoing feedback, further advancing our mission.
We are deeply grateful to our capital, mission, and technical services partners and look forward to continuing the Fund’s important work in 2026 and beyond.
FRED CUMMINGS
JENNIFER PRYCE President & Founder of Elizabeth Park Capital Management President & CEO of Calvert Impact
Building wealth in underserved communities
Creating a more accessible and resilient banking system
Access to banking is critical to financial health, yet many communities are underserved, contributing to a persistent wealth gap. Over 300 mission-driven banks across the country, including MDIs and CDFIs, play a critical role in expanding access to credit and financial products in underserved and low-to-moderate income (LMI)1 communities, but have been historically capitalconstrained. The opportunity is to strengthen and invest in these institutions to help build a stronger and more robust financial system with greater reach.
MDBF responds to this need by deploying private capital alongside customized technical support to FDIC-insured MDI and CDFI banks. By equipping these banks with the resources they need to grow, the Fund aims to catalyze impact: increasing access to banking services, credit, and capital in underserved communities; supporting asset and wealth building through homeownership, business development, and job creation; and ultimately driving significant growth and resiliency in the sector that results in wealth creation in the communities they serve.
Capital investments enhanced with technical support and impact measurement
Investments into MDI and CDFI banks combined with technical support and impact measurement seeks to create leveraged impact that leads to catalytic change in local communities.
• Flexible investment instrument offerings structured to support each bank’s unique mission, including common equity, preferred equity, subordinated debt, purchase of investment securities, and deposits.
• Impact Measurement and Management (IMM) Framework designed using generally accepted industry standards, norms, and best practices, implementing these tools across the investment lifecycle and with feedback from banking industry associations.
• MDBF Technical Services support via financial subsidies, partner introductions, information sharing webinars, and other related resources.
Current MDBF portfolio banks
Generations Community Bank
HQ: Indianapolis, IN
De Novo Bank Opened in 2026
Legacy Bank & Trust Company
Gateway Bank FSB
HQ: Oakland, CA
Total Assets: $260M
Neighborhood National Bank
HQ: El Cajon, CA
Total Assets: $226M CDFI MDI
HQ: Mountain Grove, MO
Total Assets: $1.9B
FNBC Bank
HQ: Ash Flat, AR
Total Assets: $853M
Warsaw Federal Savings and Loan Association Cincinnati, OH
Total Assets: $101M
Priority Bank
HQ: Fayetteville, AR
Total Assets: $148M
American Bank NA
HQ: Dallas, TX
Total Assets: $700M
Southwestern
National Bank
HQ: Houston, TX
Total Assets: $1.4B
Grand Bank for Savings
HQ: Hattiesburg, MS
Total Assets: $277M
BOM Bank
HQ: Natchitoches, LA
Total Assets: $1.5B
Embassy National Bank
HQ: Lawrenceville, GA
Total Assets: $218M
American Pride Bank
HQ: Macon, GA
Total Assets: $773M
Anchor Bank
HQ: Palm Beach Gardens, FL
Total Assets: $571M
* Financial data as of December 31, 2025
MDBF by the numbers
banks 11 states
A year of integrated technical support across our portfolio banks
MDBF supports portfolio banks with highly integrated technical services support designed to enhance organizational capacity, improve financial sustainability, and drive community impact.
Technical services plans
Plan areas of coverage included but were not limited to the following:
• Community events
• Core system conversions
• Credit-builder program origination platform
• CRM implementation
• Impact measurement
• Loan processing technology
• Marketing and communications
• Risk management staffing support
• Training for bank staff
• Website language update
Webinars
MDBF collaborated with a network of 40+ technical services partners to host select webinars throughout the year. Webinars focused on key topics including:
• Integrating AI into credit decisioning
• Reciprocal deposits
• Residential lending
Top technical services needs
• Small dollar loan programs
• Supporting small business clients
CASE STUDY: Generations Community Bank
Generations Community Bank is a state-chartered community bank headquartered in Indianapolis, Indiana.
Founded in 2026, Generations Community is the first MDI in Indiana and the first start-up bank launched in Marion County (Indianapolis) in nearly two decades. MDBF participated as part of a consortium of committed investors, providing the mission-driven startup bank with sufficient common equity capital to support its launch this year. Management envisions leveraging MDBF technical services support in a variety of ways throughout the life of the investment.
The bank intends to provide consumer and small business banking services to communities across Indiana that have historically been overlooked and underserved. It plans to focus heavily on education alongside traditional banking, aiming to turn denied mortgage applications into financial coaching sessions and to provide entrepreneurs with alternatives to personal credit card debt. Speaking during the bank’s grand opening in May 2026, where more than 400 community members, civic leaders, and industry representatives gathered to celebrate, President and CEO Al London noted the bank was created after community and banking leaders recognized a major gap in Indiana’s financial landscape: the absence of a minority depository institution focused on underserved communities.
Indiana’s first MDI, opened on the premise that a denied loan application is the beginning of a conversation, not the end of one.
CASE STUDY: Neighborhood National Bank
Neighborhood National Bank is a nationally chartered, federally insured community bank and certified CDFI that has served San Diego County since 1997. The bank specializes in providing affordable, accessible financial services to individuals, small businesses, and nonprofit organizations operating in LMI communities.
MDBF’s capital investment in early 2024 was intended to help strengthen the bank’s financial position, increase lending, and enhance operational capabilities to support continued growth across its target markets. Along with the capital, Neighborhood has utilized MDBF’s technical services program to help amplify its marketing and communications efforts.
As part of its growth strategy, Neighborhood National Bank is opening a new branch location in National City, CA. Once operational, the branch will offer a comprehensive suite of banking services to residents, small businesses, women-owned enterprises, minority-owned businesses, veteran-owned businesses, and the broader National City and San Diego communities. Services will include free checking and savings accounts with low or waivable monthly fees, no-cost online and mobile banking, free bill pay, free check cashing, and full access to business lending products, including SBA loans, commercial lines of credit, and commercial real estate financing.
In April 2026, the California Investment and Innovation Program (Cal IIP) awarded the bank a $125,000 grant to support the opening of the new branch. Administered by the Capital Programs & Climate Financing Authority, Cal IIP provides funding to financial institutions serving underserved communities and promotes economic development in low and moderate-income areas throughout California.
“Access to affordable, accessible banking services is fundamental to economic opportunity,” said Neighborhood National CEO Scott Andrews. “This new branch represents our continued commitment to serving the communities that need us most.”
CASE STUDY: Priority Bank
Priority Bank is a CDFI bank that has served Ozark and Northwest Arkansas communities since 1993. The bank focuses on rural markets, small business lending, and affordable housing mortgage loans. When Priority Bank engaged in discussions regarding an investment from the MDBF, it was seeking growth-oriented capital to expand its mortgage and small business lending activities while strengthening its capital reserves to support its long-term strategy. Since the MDBF investment in 2024, Priority Bank has utilized the Fund’s technical services support across a range of needs to enhance its operational capabilities.
One example of Priority Bank’s commitment to serving its local community is a loan extended to a small business owner in Siloam Springs, Arkansas. With Priority Bank’s support, a local entrepreneur opened a family health care business, expanding access to a comprehensive range of medical services for families throughout the area. Launching a new business is never easy, and like many small - town entrepreneurs, this entrepreneur faced obstacles along the way. When other banks were unwilling to provide financing, Priority Bank said yes—helping turn the vision into reality. Priority Bank is proud to support a local business owner whose passion and dedication are making a lasting impact on the Siloam Springs community.
Today, that dream is thriving. The health care center has been recognized as the 2026 Business of the Year and Best Medical Clinic/Office by the Herald Leader Readers’ Choice Awards, and as the 2025 Medium Business of the Year by the Siloam Springs Chamber of Commerce. In a heartfelt note of thanks, the owner shared that the clinic would not exist without Priority Bank’s belief in her vision.
CASE STUDY: Grand Bank for Savings
Grand Bank for Savings, FSB (Grand.bank) is an MDI and federal savings bank based in Hattiesburg, Mississippi that serves customers nationwide. Chartered in 1968, the bank is dedicated to breaking the cycles of harmful debt, fostering savings growth, promoting homeownership, and empowering individuals and families to build generational wealth. An MDBF investment in 2025 was intended to support loan growth and further its mission of promoting homeownership through lending to underserved and LMI communities. Along with utilizing the capital to execute on its mission, Grand.bank has engaged with the Fund’s technical services program to support new product development.
One key focus of Grand.bank’s community impact strategy is financial literacy. Through sponsorship of the Ramsey Personal Finance and Entrepreneurship curriculum at a local low-tomoderate income high school, students improved personal finance assessment scores from 64 to 92 — a 28-point increase demonstrating measurable educational outcomes.
Grand.bank also developed SmartShop, a hands-on financial literacy initiative that combines smart money lessons with an interactive budgeting and shopping experience for elementary students. Since launch, SmartShop has reached more than 150 students in at-risk schools and after-school programs, helping young people build practical money management skills at an early age. Together, Grand.bank’s volunteer and financial education initiatives highlight how community banks can leverage associate engagement, nonprofit partnerships, and innovative programming to create lasting economic and community impact.
CASE STUDY: American Pride Bank
American Pride Bank is a community bank founded in 2007 by first-generation Americans and entrepreneurs to ensure that everyone has access to the financial products and services needed to achieve their American Dream. Through responsive financial services, American Pride Bank helps small business owners and communities thrive. An MDBF investment made in 2025, alongside new common equity capital, was intended to expand lending capacity and enhance product offerings for underserved communities, including the launch of a new mortgage division. The bank has also utilized the Fund’s technical services support to improve customer experience and increase operational efficiency. Based in Macon, GA, American Pride has continued to grow following the investment, including completing its acquisition of North Carolina-based New Republic Partners in November 2025.
As one example of this community-focused impact, APB Wholesale, the wholesale arm of the mortgage division at American Pride Bank, is helping communities rebuild stronger after the devastating Palisades fires. By partnering with brokers and mortgage professionals to restore homes, stability, and hope, APB’s innovative One-Time Close Construction product streamlines and accelerates access to funds when it matters most. A recent mortgage partner had this to say about the process, “Priority is grateful for American Pride Bank’s innovative approach to financing during this critical time. Their bank statement financing option through a one-time close product has made a meaningful difference in our ability to serve borrowers in our community affected by the Pacific Palisades fires who are working to rebuild their homes. Many of our clients face challenges with traditional financing documentation, and APB’s flexible underwriting approach helped expand credit access when it mattered most. The streamlined process made it possible for our clients to move forward with their rebuilding efforts without unnecessary delays.” APB is proud to play a meaningful role in rebuilding lives and neighborhoods for the future.
CASE STUDY: FNBC Bank
FNBC Bank is a CDFI bank with locations in Arkansas and Missouri. As community bankers, FNBC strives to provide financial products and services that foster economic development throughout each market they serve, including a focus on underserved communities. MDBF’s 2024 investment was designed to help refinance higher-cost debt and redeploy capital into lending initiatives. Since then, FNBC has consistently utilized the Fund’s technical services support to address a range of technology needs as it continues to grow.
This commitment to community impact is reflected in partnerships such as its work with Valley View, a growing school district serving portions of Jonesboro, AR. In 2025, they needed to add three buses to its fleet to meet the transportation needs of the district. FNBC was able to provide them with a tax-free loan to purchase the buses needed. Additionally, FNBC has worked with the school district to provide services for its “Cheddar-Up” program, which is a payment platform parents and guardians can use to pay any fees the students may have throughout the school year. As part of our partnership, FNBC covers all costs associated with the platform.
This is what community banking looks like when it works: fewer barriers between a school district and the students it serves.
CASE STUDY: Technical services support
Through MDBF’s technical services program, individualized and groupwide offerings are made available to all portfolio banks. One example of technical services support is a partnership MDBF made with a specialized marketing and communications firm. This partner firm created and shared resources with MDBF banks including: LinkedIn strategy guide, impact template, Canva tutorial and webinar, media playbook, and storytelling playbook. They also worked with the banks specific target areas, such as creating a media list for a bank focused on both national mortgage and banking reporters as well as analyzing a bank’s marketing plan to identify areas of low-hanging fruit where they could support. Step-by-step guides for using LinkedIn ads to reach target audiences and analysis of a bank’s current AI visibility across relevant search inquiries were utilized to create plans for greater visibility and targeted outreach. Other uses included creating a primer on organic and paid strategies for Meta and LinkedIn to reach key audiences to help a bank attract new business owners in a local county and ultimately drive further deposit growth.
One example of an MDBF bank utilizing the Fund’s technical services program is Legacy Bank & Trust Company, a CDFI bank with locations in Missouri, Oklahoma, and Texas. Now operating under its new holding company, Southern Bancorp, Inc., the bank continues to operate under its vision to surpass standards in banking for their customers as well as local businesses and to serve as a financial leader in economic and community development through the provision of financial products and services that create economic opportunities for underserved populations on both a local and national level.
Working with MDBF’s marketing and communications firm partner, Legacy Bank & Trust developed a templated report to share details on its community impact through lending and other financial services. Leveraging MDBF’s capital and technical services support, the bank continues its commitment to serve its communities with fair and affordable financial products.
MDBF team overview
The Mission Driven Bank Fund seeks to foster a stronger and more accessible system by investing capital and providing technical services to FDIC-insured CDFI and MDI banks. The Fund’s mission is to drive significant growth and financial resiliency in the mission-driven banking sector, translating into demonstrated wealth creation in the communities they serve over its life and beyond.
ELIZABETH PARK CAPITAL MANAGEMENT
A multi-asset alternative investment firm founded in 2008, specializing in the U.S. banking sector. The firm brings deep vertical expertise in bank capital structures, investing across public equity, private equity, and private credit. The firm supports bank innovation through its venture capital partnership with the Btech Consortium Fund and impact investing through the MDBF.
CALVERT IMPACT
A global nonprofit investment firm that helps investors and financial professionals invest in solutions that people and the planet need. During its 30-year history, Calvert Impact has mobilized over $5 billion to grow local community and green finance organizations and structuring services. Calvert Impact uses its unique position to bring the capital markets and communities closer together.
STRATEGIC VALUE BANK PARTNERS
An investment firm focused exclusively on the community banking industry that leverages over 80 collective years of bank investing and industry operating experience to create a concentrated portfolio of bank investments. Strategic Value Bank Partners offers a private equity approach to community bank investing by combining the experience and perspective of an operator with the rigorous analysis of an institutional investor.
Thank you to our limited partners
We would like to thank our limited partners for their support.
Please see Limited Partners | Mission Driven Bank Fund for a selection of our limited partner group.
You can find out more about our portfolio companies by visiting Portfolio | Mission Driven Bank Fund
Investing in a stronger financial system | Mission Driven Bank Fund
This report does not constitute an offering of interests in the Fund, which will be made only to qualified investors pursuant to the Fund’s offering documents. Nothing contained in this report should be relied upon as a promise or representation as to the future performance of the Fund. No representation or warranty is made as to the accuracy of statements, estimates, targets, and/ or projections herein, nor as to the ultimate success of the Fund or the external conditions and circumstances under which the Fund will operate. Prospective investors must not rely upon any matters in this release. The activities undertaken by the Fund may differ from those described above due to unexpected external circumstances or otherwise. Moreover, past performance is not a guarantee of future performance.
Certain statements made in this release are “forward looking statements.” These forward-looking statements are not predictions of future performance, conditions or results, and are inherently uncertain and subject to numerous risks, many of which are outside the Fund’s and its advisors’ control. There is no obligation to update or revise any such forward-looking statements. Any use of adjectives or superlatives included herein are a good faith opinion of the Adviser including but not limited to language such as “exhaustive,” “superior,” or “enhanced,” and should not be construed as material statements of fact. Further, other investors, investment advisers, or sophisticated individuals may not agree with the opinions of the Adviser.
Any testimonials included herein are being provided by Fund investors, and any endorsements included herein are being provided by persons other than Fund investors. No compensation was provided for any testimonial or endorsement. There is a conflict of interest in that certain of these testimonials and endorsements are being provided by persons affiliated with the Fund.
This report may contain hyperlinks to websites or references to other publications operated by third-parties. MDBF does not control the content or accuracy of information on such publications and does not otherwise endorse the material placed therein. The hyperlinks or references are provided for your reference only and should not be the basis of an investment decision.