Giant Food Announces $50 Million Investment into Money Market Fund Program to Support The Harbor Bank of Maryland and Diverse-Owned Lending

The investment, through J.P. Morgan Asset Management's Empowering Change program, emphasizes Giant's commitment to supporting diverse-owned businesses and local communities

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Giant Food

Dec 15, 2021, 09:12 ET

LANDOVER, Md., Dec. 15, 2021 /PRNewswire/ -- Giant Food, the leading greater Washington, D.C. regional grocery chain, today announces a $50 million money market fund investment supporting The Harbor Bank of Maryland, the only Black-owned and -managed commercial bank headquartered in the State. The Harbor Bank of Maryland has six branches located throughout the state serving the Greater Baltimore metropolitan area. The investment will provide the bank with greater financial opportunities for the communities it serves by being able to supply more loans to consumers and small businesses, investing in technologies and digital capabilities to better serve customers and expanding operations to serve more communities.

Through this investment, Giant and The Harbor Bank of Maryland build on their shared commitment to supporting underserved communities.

"We are pleased to support The Harbor Bank of Maryland with this investment to provide more financial opportunities for individual and small business bank customers in the Baltimore area," said Ira Kress, President of Giant Food. "With a shared commitment to supporting our communities with economic development, this is a natural collaboration for us, and we look forward to the continued impact The Harbor Bank of Maryland provides."

Giant's investment is an extension of its commitment to being a better neighbor through diversity, equity and inclusion initiatives including raising awareness for a diverse network of partners and suppliers and fostering an inclusive workplace that reflects the unique backgrounds and experiences of its communities.

"The Harbor Bank of Maryland has a long history of providing capital and financial services to the Greater Baltimore region," said John Lewis, President and Chief Operating Officer of The Harbor Bank of Maryland. "We are encouraged by the support of Giant, an important local partner and community anchor, in furthering our efforts."

The money market fund investment will be managed by J.P. Morgan Asset Management through its Empowering Change program (The Harbor Bank of Maryland serves as a distributor), part of its commitment to bringing new economic opportunities to historically underserved communities.

About Giant Food
This year, Giant Food is celebrating 85 years as a community grocery store. Since opening its first location on Georgia Ave. in Washington, DC in 1936, Giant has been an integral part of our customers' lives and the communities it serves. Giant is committed to being a Better Neighbor and has designated four main giving pillars that address local Food Insecurity, Military Support, Pediatric Cancer Research, and Social Equality. Giant is headquartered in Landover, Md. and operates 164 supermarkets in Virginia, Maryland, Delaware, and the District of Columbia with approximately 20,000 associates. Included within the 164 stores are 152 full-service pharmacies, 83 full-service PNC Banks and 26 Starbucks locations. Giant fits all the ways today's busy customers want to shop - whether in store or online. With 159 Giant Pickup locations and Giant Delivers available to all our market areas in DC, MD, VA and DE, customers have even more convenient options right at their fingertips to get the best product and prices, whenever and however they want it. For more information on Giant, visit: www.giantfood.com.

About The Harbor Bank of Maryland
The Harbor Bank of Maryland was founded in 1982 and is a Maryland chartered commercial bank serving Maryland, Washington D.C., and Northern Virginia. As a designated CDFI, MDI, SBA 7(a) and USDA lender, Harbor Bank offers checking, savings, time deposits, credit cards, debit cards, commercial real estate, personal, home improvement, and other installment and term loans. The bank is also a member of local and national ATM networks.

About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of USD 2.7 trillion (as of 30 September 2021), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information: www.jpmorganassetmanagement.com.

SOURCE Giant Food