US—July 27, 2021 – Dentons US announces today that it has established a strategic relationship with and welcomed to its line of credit syndicate Atlanta based Citizens Trust Bank, a Minority Depository Institution and one of the largest Black-owned financial institutions in the nation. One of the first to do so in the industry, Dentons hopes the Firm’s leadership by example will further inspire others to find ways to develop financial relationships with Black-owned banks. 

Last year, Dentons was one of the foundational firms to create the Law Firm Antiracism Alliance (LFAA), a coalition of now over 280 law firms and other organizations united to identify and dismantle systemic racism. In joining to create the LFAA, Dentons committed to leverage its reach, resources and talent to assertively and intentionally undertake the work of antiracism. Expanding our banking relationships to include Black-owned banks reinforces that commitment by acknowledging an ongoing responsibility to increase diversity, equitable access to opportunities and inclusion of people of color.

“This industry leading step reinforces Dentons US Board’s commitment to putting our values into action,” said Keith Moskowitz, Chair of the Dentons US Board. “Dentons actively choosing to work with Citizens Trust Bank is the first step of what is hopefully many in supporting the work Black banks are doing to combat the wealth disparity gap in our Nation.”

“We are excited that Dentons has established a partnership with us and is supportive of our mission to address the economic wealth disparities in our communities,” said President and CEO of Citizens Trust Bank Cynthia N. Day. “We are hopeful that others in the industry will follow Dentons’ lead.”

The Dentons-Citizens Trust Bank partnership was made possible because of the support of the Firm’s historic lead banking partner Citi Private Bank’s Law Firm Group and Dentons Partner Ashley Bell who helped connect the two institutions.

“The Law Firm Group at Citi is proud to collaborate with Dentons and Citizens Trust Bank to help advance racial equity in the financial services industry,” said Naz Vahid, Global Head of the Law Firm Group. “By working with Minority Depository Institutions as part of our Action for Racial Equity initiative, we aim to help expand banking and access to credit in Black communities.”

“I am very pleased that Dentons has taken concrete steps in furthering our commitment to Black banks and communities of color,” said Mike McNamara, immediate past Dentons US CEO. “I hope that in doing so, others in the industry will recognize the importance of this type of economic engagement and will find appropriate ways for their firms to form impactful relationships with Black-owned financial institutions.”

Commencing its commitment to serving Black-owned banks, Dentons last year kicked off its partnership with the Black Bank Fund and its parent nonprofit, the National Black Bank Foundation, an organization co-founded by Dentons Partner Ashley Bell. The organization provides nonprofit legal, regulatory, strategic and technical assistance to Black-owned banks to ensure communities of color can equitably access capital through a robust Black banking sector. The Black Bank Fund intends to purchase upwards of $250 million non-cumulative, non-voting, preferred stock in Black banks by 2025.

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