Baker Hughes Invests $50 Million To Support Unity Bank of Houston, Texas’ Sole Black-Owned Banking Institution
HOUSTON, TX / ACCESSWIRE / February 27, 2023 / Baker Hughes, an energy technology company, announced Monday a $50 million investment to support Texas' only Black-owned banking institution as part of its commitment to supplier diversification and advancement of racial equity through meaningful change across four key values - grow, collaborate, lead and care.
The investment, made through a $50 million deposit in J.P. Morgan Asset Management's Empower share class, will support Unity Bank of Houston, a Minority Depository Institution Program (MDI). The Empower share class, founded in 2021, aims to support institutions such as Unity Bank in delivering ongoing positive change to underserved communities. MDIs help promote the growth of Black-, Hispanic- and Latino-owned small businesses. A Black-owned bank needs customers to thrive; however, due to a lack of assets compared to larger banks, these banks have been on a decline in recent years. Baker Hughes has held its corporate headquarters in Houston for decades and is proud to support Unity National Bank of Houston, the only Black-owned banking institution in the state.
"We have a responsibility to improve and support the communities in which we live and work," said Baker Hughes Chief Financial Officer Nancy Buese. "As part of our commitment to increase supplier diversity and create lasting and sustainable change, this investment will enable Unity Bank to increase its offerings and drive meaningful impact within the communities it serves."
"Unity National Bank is honored and enthusiastic about our collaborative relationship with Baker Hughes via Empowering Change, facilitated and led by our mentor and shareholder, J.P. Morgan," said Kwame Nkrumah Cain, head of Strategic Initiatives & General Counsel at Unity National Bank. "I believe that Empowering Change is transformative to Unity National Bank and is indicative of Baker Hughes' and J.P. Morgan's commitment to strengthen Unity National Bank's foundations and scale. I truly believe that J.P. Morgan's and Baker Hughes' mentorship, guidance and partnership will assist us in transitioning our community development efforts for the next generation and enable us to enhance and support economic development in low- and moderate-income communities."
"I'm proud of Baker Hughes for prioritizing supplier diversity and continuously seeking to conduct business with minority-owned businesses," said Lynn Buckley, Baker Hughes' Supplier Diversity & Business Development Sourcing leader. "In 2022, we nearly doubled utilization of small and diverse businesses across the organization, and we hope to continue this trend in 2023."
In partnership with Baker Hughes' Diversity, Equity and Inclusion (DEI), Treasury, and Supplier Diversity teams, the investment furthers Baker Hughes' strategy of supporting organizations with shared values, demonstrated leadership, evidence of impact, financial soundness, and the capacity to implement initiatives and evaluate their success. In 2022, the Baker Hughes Foundation announced $1 million in grants to four Historically Black Colleges and Universities (HBCU) for the 2022-23 academic year, part of the company's long-running mission to promote education and opportunity in the communities where Baker Hughes employees live and work.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
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Adrienne M. Lynch
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adrienne.lynch@bakerhughes.com
Credit: Unity National Bank
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