Fulton County invested a total of $10 million in two minority-owned financial institutions — Loyal Trust Bank and Unity National Bank.
According to a news release, the deposits were made at a ceremony hosted by Chairman Robb Pitts, who sponsored the resolution prompting the move, where he presented representatives of the banks with celebratory jumbo checks for $5 million each.
“This is a major issue for me and the rest of Fulton County. I’m thrilled to be here today with these big checks and an even bigger commitment to helping minority owned banks thrive,” Pitts said in a statement. “Minority-owned banks are a cornerstone of Fulton County and today’s deposits show we are serious about investing in these institutions.”
Pitts and representatives from the banks highlighted the community impact the deposits in these banks will have.
“This isn’t just about $5 million — this is an effort spearheaded by Chairman Pitts to recapitalize minority owned businesses,” George Andrews from Unity National Bank said in a statement.
“The expectation is that we will reinvest this money in the community,” Rose Jarboe, the chairwoman of Loyal Trust Bank, added. “We really want to work on small business loans and getting those started.”