State Street Corp., a financial services company, announced a $100 million program to offer deposit funding to minority depository institutions and community development financial institutions. The company will initially partner with Optus Bank and Mechanics & Farmers Bank through the program, according to a press release.

The goal of this program is to address inequities in communities by providing lending, affordable housing and workforce development. It is part of State Street's broader 10 Actions to Adress Racism and Inequality plan.

"Our partnerships with MDIs and CDFIs are part of our firm's broader business strategy to expand the financial market ecosystem and help unlock economic potential by encouraging long term growth and job creation – which ultimately promotes more equitable and prosperous outcomes for our key stakeholders and the communities we serve," Ron O'Hanley, chairman and CEO of State Street, said in the release. "MDIs and CDFIs play a critical role in fueling economic growth within underserved and underbanked communities and it is an honor to be partnering with Optus Bank and M&F Bank and helping advance racial and wealth equity through our business practices."

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