Agility Bank in Houston, a minority depository institution primarily owned and led by women, completed a capital raise of nearly $41 million, well in excess of the $30 million required by regulators for the newly opened bank.
"This incredibly successful capital raise speaks to our investors' commitment to address the gender gap by building more equity and access to capital for women and minority businesses,"
More than 350 investors
Agility also noted that several banks took part in the capital raise, including Bank of America in Charlotte, North Carolina.
"Women entrepreneurs have long faced barriers to equal access to capital. The investment by Bank of America in Agility is part of our commitment to create economic opportunity, as well as elevate and provide funding for minority depository institutions that support minority and women-owned small businesses," Hong Ogle, BofA's Houston market president, said in the release.
Agility opened in May after securing regulatory approvals from the Office of the Comptroller of the Currency. It brands itself as a commercial bank focused on serving local women-led businesses, though it also serves the Houston community broadly.
Agility Bank, which opens its doors Monday, says it is the first minority depository institution to be women-owned and women-led by design. It plans to serve small-business owners in a digital-first manner.
Banks that receive the minority depository institution designation, or MDI, are eligible for support from government and private-sector backers. To achieve MDI designation, a bank must have 51% minority ownership and board membership.
Agility had originally targeted a late 2020 launch, but pandemic-related challenges caused delays. Agility did earn conditional approval from federal regulators in 2021. The
