The Minneapolis-based bank is providing a share of a $25 million funding package to three Minnesota nonprofits, which will in turn distribute the money to small businesses owned by women of color.
U.S. Bancorp
Lower allowance for credit losses benefits bottom line.
The Minneapolis-based corporation is rolling out a strategy to help people of color start businesses, buy homes, and land well-paying jobs.
He came to the Twin Cities in 1990 and built U.S. Bancorp through a series of acquisitions.
The St. Paul nonprofit aims to use the funds to boost Black and Indigenous employment in the region.
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Third quarter revenue steady, profits down, more credit losses expected.
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Awards will aid rebuilding of small businesses and address systemic racial inequities.
The holiday marking the end of slavery “takes on additional significance in this moment,” Target CEO says.
The sale represents just a fraction of his holdings in Minneapolis bank.
About two years since his exit from U.S. Bank’s CEO seat, Davis will continue a career of leadership and mission-based work as he replaces long-time Make-A-Wish leader David Williams.
The deal is a first for the Minneapolis-based bank this year, and also the first acquisition it has made with CEO Andy Cecere in charge.