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Sonoran Bank gets special designation

The Federal Deposit Insurance Corporation has named Phoenix-based Sonoran Bank as a Minority Depository Institution. The action makes it one of only two banks in the state to receive the designation. The FDIC encourages minority ownership of insured financial institutions. Minority Depository Institutions are designed to play a unique role in promoting the economic viability of under-served communities. The FDIC’s MDI Program includes increased communication with other MDI’s, and better coordination with trade associations that represent MDI’s.

“Our customers and community will be excited that we received this designation,” says Frank Coumides, senior vice president for Sonoran Bank. “It gives us some additional resources, technical assistance, and educational programs that other banks do not have access to.”