WASHINGTON, D.C., July 23, 2002 — Microsoft Corp. today announced that The Adams National Bank — the nation’s largest woman-owned bank — has received $2 million of a planned $9 million earmarked for minority- and women-owned banks. The investment will allow the 25-year-old institution to continue to provide loans and services to its base of small-business customers in the nation’s capital, the majority of which are minority-owned or not-for-profit.
“Deposits are critical to community banks,” said Kate Carr, president of The Adams National Bank. “This deposit enables us to provide the necessary loans to small businesses that major banks often cannot service — particularly small, women-owned and minority businesses.”
Over the past 10 years, small businesses have fueled the economy in the metropolitan Washington area. The Small Business Association Web site estimates that more than 67 percent of new jobs have been created by small businesses.
“At Microsoft, we recognize the tremendous value provided by minority- and women-owned banks and their importance within the communities they serve, particularly among small and emerging businesses, which play such a critical role in the health of the nation’s economy,” said John Connors, chief financial officer at Microsoft. “We’re committed to doing our part to support these important financial institutions.”
The Adams National Bank investment is part of a larger strategy, announced in May by Microsoft CEO Steve Ballmer, to increase investments and deposits in minority- and women-owned banks by 50 percent.
The Adams National Bank, a woman-owned bank with each of its five branches in the District of Columbia, is committed to assisting women and minorities with access to credit opportunities for career growth and small-business ownership.
About The Adams National Bank
Founded in 1977, The Women’s National Bank was the first federally chartered bank in the United States to be owned and managed by women. The 1986 name change to The Adams National Bank reflected the bank’s focus of providing financial support to the nonprofit organizations, women-owned businesses and minority-owned businesses serving the community. The bank, the deposits of which are insured by the Federal Deposit Insurance Corp. to the fullest extent permitted by law, serves the nation’s capital through five full-service offices in Washington, D.C. It is now the largest woman-owned national bank in the country.
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