Independent Banker - December 2022 - 75

Next: The value of mission-driven organizations 
Jr., chairman, president and CEO of
F.N.B. Corporation and its banking
subsidiary, First National Bank.
For FNB, investing in this
unique venture capital opportunity
aligns with the community bank's
commitment to strengthening the
communities it serves.
" We look forward to having a front
row seat, " says Delie, " as [BTN.vc]
foster[s] a thriving network of diverse
innovators and entrepreneurs who
will influence the tech landscape for
years to come. "
Filling a need for diverse startups
In recent years, Jasmyn had been
approached by several high-networth
individuals and fund managers
interested in investing in Black- and
diverse-led startups.
She contacted experienced venture
capitalist Sean Sebastian, founding
partner of Birchmere Ventures,
also based in Pittsburgh. Sebastian
signed on as general partner, along
with David Motley, cofounder of the
African American Directors Forum.
BTN.vc is already over halfway
to its $50 million fundraising goal.
Jasmyn anticipates that the fund will
hit the full close by the end of this
year or early 2023.
Out of the 25 to 30 companies
that BTN.vc will invest in over the
next three to four years, the fund has
already put money to work in five
startups: one owned by a Black man,
three by Black women and one by a
Latine woman.
Jasmyn is eager to support
entrepreneurs within the Pittsburgh
area but emphasizes that the fund is
scouring the whole country for the
right investments.
Part of her mission, she says, is to
create " longevity and generational
wealth for underrepresented
communities. " In this sense, she says,
she and her partners are tackling the
" We look forward to having a front row
seat as [BTN.vc] foster[s] a thriving
network of diverse innovators and
entrepreneurs who will influence the
tech landscape for years to come. "
-VINCENT J. DELIE JR., FIRST NATIONAL BANK
vexing problem of the racial wealth
gap, because successful tech founders
will have money to invest in their
communities-or in other startups
by people with similarly diverse
backgrounds and ethnicities.
Five years ago, Jasmyn worked as
a substitute teacher at a Chicago high
school that she herself attended. She
is keenly aware of the privilege she
now wields.
" If we can continue to build more
VCs and companies that look like me,
it's going to be a huge impact, not
only financially but societally as well, "
she says.
" My passion, " Jasmyn continues,
" is to use what I have to give back
to my community and create wealth
and opportunity for myself and for
them, too. "
Making intentional investments
Jasmyn praised FNB for " supporting
this type of work and for making
investments in the communities in
which [the bank does] business. "
" First National Bank is
instrumental in Pittsburgh, " she says.
With the fund, Jasmyn aims to build
partnerships within Pittsburgh's tech
ecosystem to attract and support
Black tech professionals.
Delie shares a similar goal. He says
FNB has " deliberately placed regional
headquarters, offices and operational
centers in or near underserved areas
and urban centers to promote job
creation and economic success. "
What's more, Delie sees the
community bank's commitment
to BTN.vc as part of a larger pattern.
He notes that the bank's new
headquarters tower is located in
the Hill District of Pittsburgh. This
makes FNB one of the only public
companies to locate its headquarters
in a marginalized community.
When determining the size of
investment FNB would make in
BTN.vc, the bank worked closely with
the fund's three general partners. The
contribution, says Delie, " achieves an
optimal balance between meaningful
impact for the fund, anticipated
returns and adherence to our
responsible risk profile. "
In many ways, Delie's goals for
FNB and Jasmyn's for BTN.vc fit
together beautifully.
" We want to support Black and
diverse startups, " concludes Jasmyn,
" because we realize when all tides rise,
everyone rises. " 
Elizabeth Judd is a writer in Maryland.
independentbanker.org Q 69
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Independent Banker - December 2022

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