St. Louis, MO – The Metropolitan St. Louis Equal Housing Opportunity Council (EHOC) announced today a commitment from Enterprise Bank & Trust that will significantly increase banking services and investments in low-income and minority communities in St. Louis and Kansas City. The commitment from Enterprise Bank & Trust totals $3.1 million over the next three years and results from a settlement agreement with the U.S. Department of Housing and Urban Development. EHOC filed a fair housing complaint against Enterprise Bank & Trust working as a member of the St. Louis Equal Housing and Community Reinvestment Alliance (SLEHCRA).
The commitment includes additional advertising and marketing to African-American and Hispanic communities, increased financial literacy, $350,000 in support for developing affordable housing, and $1.5 million in a special financing program for discounted mortgage loans. Enterprise Bank & Trust will also open a full-service bank branch in their current administrative support center on Warson Road, which is located in a predominately minority census tract. The bank also revised their assessment area to include the City of St. Louis and created positions for community development specialists.
Enterprise Bank & Trust made commitments in their Kansas City market for increased financial literacy, $1 million in support to a community development financial institution, and expanded their assessment area to include all of Wyandotte County.
Will Jordan, Executive Director of EHOC stated: “We are happy to see Enterprise Bank & Trust make such commitments to our community. Our communities have been underserved by banks for too long. We need more banks to be opening new branches, providing new products, and increasing investments that provide resources for low-income and minority communities. Enterprise Bank & Trust should be applauded for responding to the needs of the community with significant and meaningful services.”
Press Release [pdf]
Read the press release issued by Enterprise Bank & Trust here.