Adelphi Bank, Ohio’s Only Minority Depositary Financial Institution, Celebrates Grand Opening
One of 21 Black-owned banks in the United States, Adelphi received investment from 75 local organizations, including funding from JobsOhio’s Inclusion Grant Program
Published: Tue May 02 2023
COLUMBUS, OH – Adelphi Bank announced its grand opening as Ohio's only Minority Depository Institution (MDI) and the first in the United States since the year 2000. The bank represents the latest step toward restoring the historic King-Lincoln Bronzeville neighborhood in Columbus after decades of segregation and disinvestment. Wealth creation remains a barrier to economic progress for Black Americans, and research shows that minority-owned banks are more likely to serve and reach customers that have lower incomes.
Adelphi raised more than $24 million in startup capital from a group of 75 community organizations, local businesses, and individual investors, including JobsOhio, the state’s private economic development corporation. Through the JobsOhio Inclusion Grant program, the organization provided $150,000 in funds specifically dedicated for projects in distressed communities and businesses owned by underrepresented populations across the state, with the goal of driving investment and job creation.
“MDIs like Adelphi provide much-needed banking services to allow more people to participate in Ohio’s economic growth,” said Ohio Governor Mike DeWine. “The grand opening of this bank in the Near East Side is a unique opportunity to further develop the Columbus community and improve the quality of life for many Ohioans across the region.”
“Starting a new community bank relies on the investment of local businesses, civic organizations, and other community members – investors who have knowledge of and relationships in the areas they’re investing. With the assistance of organizations like JobsOhio, Adelphi Bank is possible,” said Kevin L. Boyce, Founder. “We’re grateful to have been received by the state in such a strong way and for the opportunity to uplift our Central Ohio community.”
“Ohio can lead the way by empowering all of its citizens, and the announcement of Adelphi Bank will bring new jobs to Columbus while providing more access to banking services needed to buy homes, build businesses, and live the American dream,” said J.P. Nauseef, JobsOhio president and CEO. “The diversity of Adelphi’s investors reflects a dedication to a more inclusive economy that benefits all of Ohio.”
To qualify for the JobsOhio Inclusion Grant, a company must be owned by an underrepresented population which includes consideration of geographic location, race, ethnicity, gender, veterans, and those with disabilities, or it must be located in a qualified distressed community as defined by the Economic Innovation Group. The grant may be put towards eligible costs, including fixed asset investment in machinery and equipment, real estate investments, and training costs.
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