Give a little, get a little. Ahold Delhaize banner Food Lion is certainly operating under such a mindset, as the retailer has announced a $50 million deposit supporting M&F Bank. With branches located in Durham, Raleigh, Charlotte, Greensboro, and Winston-Salem, North Carolina, this deposit will provide the minority-owned bank with greater financial opportunities for the communities it serves, including loans to small businesses, investments in technology, and financial literacy programs.
“We are consistently working to nourish the towns and cities we serve, and many times that is with food and also with possibility. This deposit will infuse our shared communities with financial opportunities for economic development, job creation, racial equity, and social justice initiatives,” said Food Lion President Meg Ham.
Food Lion and M&F Bank are creating a partnership that will build on their shared commitment to provide financial solutions for underserved communities, a press release noted. We at DMN speculate that the investment could benefit suppliers within the communities served by M&F Bank, though we can't say for sure.
This deposit from the retailer is an extension of the community work it began more than 30 years ago. Support of diversity, equity, and inclusion drives all aspects of the business, including an integrated workforce, inclusive workplace, and inspirational marketplace.
“We are two regional organizations focused on the economic development of our communities. This partnership with Food Lion provides momentum, allowing us to make real change for historically underserved communities. We thank Food Lion for their trust and commitment to M&F Bank,” said M&F Bank President and Chief Executive Officer James Sills.
The funds will be managed by J.P. Morgan Asset Management through its Empowering Change program.
For more partnerships, investments, and strategies across the grocery retail sector, keep clicking back to Deli Market News.