CINCINNATI — The Warsaw Federal Bank in Price Hill passed a new milestone after it became a federally chartered mutual Minority Depository Institution.
It's only the second of its kind in Ohio.
The MDI designation means the bank is entirely minority-led and minority-run.
Bank President Robie Suggs, who was appointed to the position over the summer, said the designation allows their bank to better serve minority groups and small, minority-owned businesses.
"The other part of this is that there are additional funding sources that you can have as an MDI," said Suggs. "What that allows you to do is allows you to bring in these deposits or investments and then you can put them back out into the community a little bit more effectively than they would have been otherwise."
Suggs said the Warsaw Federal Bank will have listening sessions in the community so they can better understand their needs. The bank is also working with a number of Price Hill nonprofit agencies to see how they can use their new designation to serve the community in the future.
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