PHOENIX, Ariz. (press release) – Freeport-McMoRan Inc. (FCX) announced that it has made an initial investment of $1 billion in JP Morgan Asset Management’s Empower money market equity class, designed to allow clients institutions to support minority and diverse owned companies. directed financial institutions. This investment will benefit New Orleans-based Liberty Bank and Trust Company.
Through the Empower Action ClassLiberty Bank is able to offer JP Morgan’s full range of money market funds, providing new sources of income for hiring, loans, training and other community support.
“Investing in JP Morgan’s Empower share class allows us to align our cash management strategies with our commitments to fostering sustainable communities,” said Kathleen Quirk, president of Freeport-McMoRan. “Liberty Bank and Trust Company shares our deep ties to the New Orleans area. We are delighted that our investment will support the bank as it continues to provide banking services to underserved communities, helping them meet their financial needs and goals.
Liberty Bank Chairman Todd O. McDonald said, “We are thrilled that a New Orleans-based company like Freeport is investing in our ongoing efforts to close the wealth gap and help families achieve their goals. financial. This investment, through JP Morgan’s Empower share class, will allow us to increase lending and build a more sustainable community.
JP Morgan Asset Management Empower share class is an initiative that began in February 2021 to create an avenue for institutional clients to invest in minority-led and diverse financial institutions.
“We are delighted to see Freeport-McMoRan investing in the Empower share class, which will help provide Liberty Bank and Trust with new revenue opportunities to further support the communities they serve,” said Paula Stibbe, Head of Global Liquidity, client at JP Morgan. Asset Management. “This investment is a testament to the power of our Empowering Change program to give companies like Freeport-McMoRan the ability to make their money count by supporting minority-owned financial institutions run by diverse companies.”
Freeport-McMoRan is an international mining company headquartered in Phoenix. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the largest publicly traded copper producers in the world.
FCX’s portfolio of assets includes the Grasberg mining district in Indonesia, one of the largest copper and gold deposits in the world; and major mining operations in North and South America, including the large-scale Morenci mining district in Arizona and the Cerro Verde operation in Peru.
By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world far beyond its operational boundaries. Additional information about FCX is available on the FCX website at fcx.com.
Liberty Bank and Trust is a designated MDI (Minority Depository Institution) offering customers Personal, Business, Mortgage, Automobile, Home Equity and Liberty Fast Loans. Founded in 1972 in New Orleans, Liberty has since grown its assets to over $1 billion and expanded to 11 states.