Bank of America Corporation, the second-largest U.S. bank by assets, announced on Monday seven equity investments in Minority Despository Institutions (MDIs) and Communit Development Financial Institution Banks (CDFIs).

Bank of America has acquired approximately 4.9 percent of common equity in CSB&T Bancorp, Inc., First Independence Corporation, Liberty Financial Services, Inc., M&F Bancorp, Inc., SCCB Financial Corp., Southern Bancorp, Inc. and Unity National Bank of Houston, N.A.

In June, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. The equity investments are part of Bank of America’s $50 million commitment to MDIs and CDFIs.

The investments will benefit the communities these organizations serve through housing, neighborhood revitalization, lending and other banking services, according to the release.

“We are pleased to provide equity capital to these institutions so they can continue to serve their communities well. We expect to complete more of these investments over time,” Brian Moynihan, CEO of Bank of America, said in a statement.

Bank of America also operates a $1.6 billion Community Development Financial Institution (CDFI) portfolio with 255 CDFI partner institutions throughout the U.S. These operations give access to capital for individuals and small businesses who do not qualify through traditional lenders.

Shares of Bank of America Corporation (BAC) were last trading up 1.55 percent, or 38 cents, near $24.58 on Monday.