The Unity National Bank in Houston receives a $50 million investment from Baker Hughes.

The only black-owned bank in Texas receives a $50 million injection from a Houston energy company.

Baker Hughes announced on Monday that it has invested in Unity National Bank, headquartered in Houston’s Third Ward, under JP Morgan’s Asset Management Empower equity class program. The two-year-old initiative includes Unity and 11 other minority and multiethnic-led financial institutions in the United States and aims to advance racial equality by providing new economic opportunities to low-income communities.

“We have a responsibility to improve and support the communities in which we live and work,” Baker Hughes chief financial officer Nancy Buze said in a press release announcing the investment. “As part of our commitment to increase supplier diversity and create long-term sustainable change, this investment will allow Unity Bank to expand its offerings and make a significant impact on the communities it serves.”

Founded in 1963 and incorporated in 1985, Unity National Bank positions itself on its website as the only black-owned banking institution in the state. Its main location is at 2602 Blodgett St. The bank also has branches in Missouri City and Atlanta, Georgia.

The bank says online that its lending program is “aimed at helping rebuild our community” with a focus on commercial loans and mortgages.

As a member of the Empower stock class, Unity is able to offer its clients a list of JP Morgan money market funds. The program also gives corporate investors like Baker Hughes access to financial institutions that support their social and economic goals like Unity.

“Unity National Bank is proud and enthusiastic about our partnership with Baker Hughes on Empowering Change, supported and led by our mentor and shareholder JP Morgan,” said Kwame Nkrumah Kane, General Counsel and Head of Strategic Initiatives at the bank. , the message says. “I truly believe that the mentorship, leadership and partnership from JP Morgan and Baker Hughes will help us pass our community development efforts on to the next generation and enable us to improve and support economic development in low and middle income communities.”

According to the company, Baker Hughes nearly doubled its use of small and diverse businesses in 2022. Also last year, the Baker Hughes Foundation announced grants totaling $1 million to four historic black colleges and universities, including Texas Southern University in the Third District and Prairie View A&M University, which is northwest of Houston.