Baltimore-based CFG Bank deposits $5M into ACT Program

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CFG Bank, a financial institution headquartered in Baltimore, deposited $5 million into the Advancing Communities Together Deposit Program to help accelerate investment in underinvested communities, the company announced. 

In partnership with City First Bank — a community development financial institution based in Washington, D.C. — the deposit is part of a collaborative effort to advance access to capital, increasing economic opportunity in low-income communities.

The ACT Deposit Program streamlines the placement of large deposits into CDFIs that enables businesses, nonprofits, community organizations and individuals to support mission-driven banking, CFG said in a statement. 

The collaboration will likely involve City First Bank leveraging CFG’s deposits to increase community lending and access to capital in underserved areas in the Baltimore region.

“Real progress comes from investing in communities, and partnering with City First Bank is a powerful step toward creating a lasting impact in Greater Baltimore’s underserved communities,” CFG Bank President Erik Howard said. 

“Our investment is a commitment to advancing inclusive economic growth and partnering with other banks who share our commitment to the community. We’re proud to support the ACT Deposit Program and are excited to see City First Bank open doors for small businesses, affordable housing, and essential community services in Baltimore and other communities where it’s needed most.”

CFG noted that City First Bank has invested in numerous community revitalization partnerships in the Baltimore area, including the Hoen Project, the Lion Brothers Building and The Centre, a release says.

“City First Bank is proud to partner with mission-aligned investors like CFG Bank — an institution demonstrably committed to community impact, client success, and sustainable economic development,” City First Bank CEO Brian Argrett said. 

“This investment in our work through the ACT Deposit Program will help strengthen communities across Greater Baltimore and beyond and create meaningful pathways for business growth and broader market expansion.”