Bank of America will add $100 million in low-cost deposits to minority depository institutions, which will in turn provide banking services in minority and low-to-moderate income communities. With this deposit, the bank aims to advance racial equality and economic opportunity, according to a press release.

"It is well recognized that MDIs are a critical resource to minority and underserved communities by providing banking services, creating jobs and helping businesses grow," D. Steve Boland, chief administrative officer of Bank of America, said in the release. "As a founding member of the Economic Opportunity Coalition, we are committed to finding innovative ways to scale and expand the reach of our capital to provide access to economic opportunities and support diverse communities across the country."

The bank also has $42.5 million in equity investments to 22 MDI and CDFI banks, and more than $450 million to more than 100 private equity firms that offer capital to minority and women business owners and entrepreneurs.

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