Friday, September 25, 2020

J2 Global To Deposit $10M In Black-Run Banks, Credit Unions

Los Angeles-based Internet services and information provider J2 Global--which owns a large portfolio of Internet services and publishers, including IGN, Mashable, Spiceworks, Everyday Health, BabyCenter, eFax, eVoice, and iContact--says it is moving $10M of its deposits into Black-run banks and credit unions. According to J2 Global, the move is intended to help those institutions to originate additional loans that will foster economic opportunity within underserved Black communities. J2 Global said those banks include Hope Credit Union (HOPE), which has branches throughout the Mississippi Delta and Alabama Black Belt; The Harbor Bank of Maryland, which primarily serves the Baltimore, Maryland Metropolitan area; Broadway Federal Bank, the leading community-oriented savings bank in Southern California serving low-to-moderate income communities; and Carver Federal Savings Bank, a leader in community-focused banking services headquartered in Harlem, NY. J2 Global said the move is part of its ongoing stand against systemic racism and solidarity with the Black community. The move should be fairly easy for J2 Global, which reported $616M in cash and cash equivalents on hand as of its Q2 2020 quarterly report, for its quarter ended June 30th.