Mike Eggleston Bridges Communities through Collaborative Research, Partnership Building

This story was originally published June 6 by Fed Communities, a project that uses people-centered content to amplify the Fed’s work in low- and moderate-income communities and other underserved areas across the U.S. Fed Communities is a collaboration among the Board of Governors and the 12 Reserve banks of the Federal Reserve System.

Mike Eggleston, manager, Community Partnerships and Investment, St. Louis Fed

It is tough to keep up with Mike Eggleston, literally. This avid runner and soccer coach manages many activities, among them leading a team of community development advisors across the seven states that are part of the Fed’s Eighth District.

Eggleston and his Community Partnerships and Investment team at the Federal Reserve Bank of St. Louis engage with financial institutions, community organizations and government entities that focus on overcoming barriers that prevent people from fully participating in the economy.

An Early Service Opportunity Opens the Door to a Career

Mike Eggleston and his fellow Running on Reserves teammates pose after completing the KT82 Trail Relay on June 5, 2021. From left, the runners are Eggleston, Suzanne Shenkman, Melissa Eggleston, Jennifer Detering, Ed Siebel and Nate Zelinske.

Growing up in suburban St. Louis, Eggleston said, he benefited from a safe community, good schools, and a stable and supportive family. But he knew that not everyone shared those experiences. “As an undergrad at Indiana University, I heard about this program where you could work in service for a year,” he said. Eggleston decided to apply.

After graduating from Indiana University’s Kelley School of Business, Eggleston moved to Detroit as part of the Jesuit Volunteer Corps (JVC), a nonprofit organization that prepares young leaders for service work in underserved communities. A component of the JVC program is being placed with a partner nonprofit agency. (JVC currently partners with more than 129 organizations in 30 communities across the country that support education, legal services, community development and more.)

He credits Rob Dewaelsche, who was then the executive director of Habitat for Humanity in Detroit, for allowing him to work for the organization when his first placement during his Jesuit volunteer year didn’t work out.

“At Habitat for Humanity Detroit, I saw the preparation and determination of people to own their home, many for the first time. As a kid from the suburbs who studied business as an undergrad, this was the first time I learned about past discriminatory practices, such as redlining,” Eggleston explained. “It really opened my eyes to the community development field.”

Dedication Unlocks Potential

Through his experience working with Habitat for Humanity, Eggleston dedicated himself to addressing social and economic disparities within his hometown of St. Louis. Prior to joining the Fed, his work primarily focused on affordable housing. “Working in affordable housing for both a nonprofit and then a bank, I developed a greater understanding of the public policies and financing available,” he said.

In his role with the St. Louis Fed, Eggleston leads a team of advisors that works with stakeholders to understand economic conditions and capital flows in under-resourced communities, identify and share promising practices, and foster partnership building among organizations.

“I am motivated by the untapped potential of people in our communities and the heroic efforts of individuals and organizations to unlock that potential,” Eggleston said.

Pastor Andre Alexander (left) shakes hands with Mike Eggleston outside The Hub facility in North St. Louis in March 2022.

One such organization is The Hub, developed by Tabernacle Community Development Corp. (Tabernacle CDC). “I have been inspired by how Tabernacle CDC, a relatively new organization led by Pastor Andre Alexander, has been able to coalesce partners and resources that a North St. Louis community desperately needed,” Eggleston said.

The Hub houses a bank branch, health clinic, community meeting space and more of the amenities typically available in well-resourced communities. “I’m proud that through a convening of the St. Louis Fed, Pastor Andre was able to connect with funders, some of whom would later provide financing that transformed a vision into reality,” Eggleston said.

Banking on Everyone

Among the projects that Eggleston’s team oversees is the BankOn National Data (BOND) Hub. BankOn is a program aimed at bringing the more than 5 million people who rely on high-cost financial services into the financial mainstream. This is done through banks and credit unions offering checking accounts with flexible terms that are certified by the nonprofit Cities for Financial Empowerment.

“Financial security starts with having access to affordable financial products and services,” noted Eggleston. “A checking or savings account might seem basic, but it’s the building block that allows for checks to be direct deposited, bills to be paid online and much more.”

The BOND Hub consists of account data voluntarily reported by financial institutions. Data analysis is shared via an annual report and an interactive dashboard, and the data is made publicly available.

Capacity Builds Relationships

Mike Eggleston (center) speaks with Joanna Benson (left) and Sam Evans during an April 2023 visit to the Murphy Arts District in El Dorado, Ark.

Eggleston’s team has helped implement several initiatives to transform the flow of capital into underserved communities. His team leverages local relationships, research and best practices to connect financial institutions, philanthropies, community organizations and key partners to help invest in community projects.

Take, for example, the work of Community Development Financial Institutions, or CDFIs. Eggleston’s team advises and facilitates several CDFI collaborative efforts throughout the Midwestern and Southern states served by the St. Louis Fed. Later this year, Eggleston’s team will bring together these CDFI networks and coalitions in person for peer learning during a national conference in Washington, D.C.

Another focus of Eggleston’s team is attracting dollars to support economic development.

Eggleston helped develop the St. Louis Fed’s Community Investment Explorer 2.0, an interactive data tool that lets users see where some $3.2 trillion in community and economic capital investments has been invested from 2012 to 2020. “I’m grateful to hear how organizations and communities act on this information,” he noted. In Louisville, Ky., for instance, community leaders are using the Community Investment Explorer to spark conversations on boosting CDFI investments in the region. Leaders in that city have also established a CDFI network to foster greater collaboration.

“I couldn’t ask for a better job,” Eggleston said. “I can’t stress enough the importance of working with talented and dedicated colleagues at the St. Louis Fed and across the Federal Reserve System to help effect change in lower-income communities.”