June 12, 2023
AEP Invests in Black-owned Bank in Columbus
“Empower the community to build wealth” is the mission on which Adelphi Bank was founded. In April, the bank opened to support Franklin County residents who have been underserved to help them reach financial stability.
In 2022, AEP invested in Adelphi Bank as a way to show support for a local business that is working to improve the lives of the community by removing barriers to enable equitable economic success.
The idea of a bank came to mind after Congresswoman Joyce Beatty, City Council President Shannon Harding and County Commissioner Kevin Boyce attended a George Floyd protest in downtown Columbus. Boyce and his business partner, Kamran Hayder, worked together to come up with solutions that could help build wealth for the black community. A few months later, Boyce reached out to Jordan Miller asking his thoughts on creating a financial institution to address the issue. After doing some research, Miller agreed to help and was brought on as CEO. Miller brings strong leadership to Adelphi from his many years of experience at Huntington Bank and Fifth Third Bank.
“The goal is to help those who have been underserved get the resources to help them improve their financial condition and to build generational wealth for their families and businesses,” Miller said.
The goals and efforts of Adelphi Bank align with American Electric Power’s diversity, equity and inclusion priorities. AEP is committed to a culture where differences are valued and recognized as a significant positive influence on its ability to serve its employees, customers, suppliers and other stakeholders.
Stephan Haynes, senior vice president, Strategy and Transformation, noted that AEP is a minority shareholder in the business. As Adelphi Bank begins to grow and become more successful, AEP will then start to see the benefits from the investment in a stronger community as well as economic growth.
“It’s a cross between economic development and the initiatives to support diversity, equity and inclusion,” Haynes said. “It aligns with our community and business goals.”
With Columbus being the biggest city for AEP, and Adelphi Bank opening on the near east side of Columbus, both businesses are committed to seeing the community succeed. Adelphi Bank chose this location in part due to its African American history of culture, arts and business.
AEP takes pride in working with local development organizations in its service territory to bring new jobs and businesses to the community.
Adelphi Bank’s primary goal is to help residents in Franklin County, as well as business owners and families in the state of Ohio. AEP wants to promote and bring awareness that specific populations in communities are working to start businesses, buy houses and more. Adelphi Bank has long-term plans to expand but realizes there is much to do in Columbus and Franklin County first.
Things have been going well since Adelphi Bank officially opened their doors. There has been interest from business owners looking to expand, as well as individuals and families opening accounts. They are still working on getting information out through churches, non-profit organizations, and word of mouth.
“It would not be possible without companies like AEP,” Miller said.
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