In Cincinnati, one institution has been quietly making a big impact on the local community: Warsaw Federal Bank. As a Minority Depository Institution (MDI), Warsaw Federal is uniquely positioned to understand and address the needs of the diverse communities it serves.
What is a Minority Depository Institution?
Before diving into how Warsaw Federal supports Black-owned businesses, it’s important to understand what it means to be an MDI. Minority Depository Institutions are banks or credit unions in which a majority of the voting stock is owned by minority individuals. These institutions are crucial in promoting economic stability and growth in minority communities, often providing banking services to areas that are underserved by larger financial institutions. Warsaw Federal considers themselves a Mutual MDI, deeply rooted in mutuality, and accomplishes this by investing deposits locally to support small businesses, neighborhoods, and fellow neighbors. They are the first of their kind in Cincinnati, second in all of Ohio, and only the second Mutual MDI in the entire country.
Warsaw Federal Bank’s Commitment to the Community
Founded in 1893, Warsaw Federal Bank has deep roots in Cincinnati. Over the past 130 years, the bank has stayed true to its mission of serving the local community with integrity and a personal touch. As an MDI, Warsaw Federal Bank is committed to fostering economic development within minority communities, with plans to expand into nearby neighborhoods with a high proportion of low- and moderate-income individuals in historically underserved communities whose banking needs are unmet.
Warsaw Federal is focused on local. They care about the community and are working to build a vibrant and financially empowered group of individuals, families, and businesses that help uplift their neighborhoods and help make financial a dreams reality. By providing financial education in both English and Spanish, they work to meet the needs of all community members and empower them to take steps to reach their goals.
In addition to traditional banking products, Warsaw Federal is also a champion for homeownership and offers credit-building options, financial solutions, and education to help their customers achieve the ideal of homeownership. In a few short weeks, LISC and Warsaw Federal, along with other community partners, are making a big announcement expand access to new resources for many local homeowners. Follow LISC Greater Cincinnati on Facebook and LinkedIn to learn more!
A Bank with a Purpose
Warsaw Federal is more than just a financial institution; it’s a partner in the community. As a Minority Depository Institution, the bank plays a vital role in supporting marginalized communities, helping them grow and thrive. Whether you’re an entrepreneur looking for financial support or a customer wanting to make a positive impact, Warsaw Federal is here to help.
For more information on services offered by Warsaw Federal, visit them online at WarsawFederal.Bank