Alvin J. Boutte Sr: Founder of One of America’s Largest Black-Owned Banks

1 Posted by - December 31, 2022 - BLACK BUSINESS, BLACK MEN, LATEST POSTS

Past chairman, co-founder, and CEO Alvin J. Boutte Sr. was in charge of one of America’s largest black-owned banks. Boutte was born in Lake Charles, Louisiana on October 10, 1929. He was the youngest of 10 children. His father worked as a gardener and his mother was a seamstress.

Boutte grew up a child of the Great Depression. After graduating from high school, he went on to attend Xavier University in New Orleans on a basketball scholarship. He married Barbara Gonzaque.

While attending Xavier, he created numerous businesses that served the needs of the students, such as a laundry pickup and a payment collection business. He later graduated with a degree in Pharmacy in 1951, and later went on to open and operate a drugstore. The drugstore quickly grew into a chain of stores across the black neighborhoods of the city.

In 1964, Boutte joined fellow black business leaders to collaborate on several endeavors. Together with George Johnson and John Johnson, owners of Johnson Products Company and Ebony Magazine, respectively, the three men established Independence Bank. By 1988, Independence Bank was one of the leading banks in the United States. However, the bank was ultimately sold to white-owned Shore Bank.

Through his lifetime, Boutte served on the Board of Directors of several organizations, such as the Chicago Metropolitan Insurance Company, Johnson Products, and Midway Airlines. He also served as president of the Small Business Administration, and was a member of the Chicago Board of Education. The Chicago Urban League and the Chicago Economic Development Corporation named Boutte its Man of the Year during the 1970s.

Alvin Boutte died on April 1, 2012 at the age of 82.



  • Johnnie Johnson July 8, 2019 - 2:35 pm

    Totally Awesome! Happy Birthday and God Bless You. Thanks for being a Great Symbol of Courage!

  • Lillie Myers July 10, 2019 - 8:58 am

    Just awesome of all that was done by Blacks that the world needs to know. We are never defeated always thriving and succeeding.

  • Sylvenia Collins July 10, 2019 - 9:35 am

    Great history

  • Corletta July 12, 2019 - 6:08 am

    Thanks,for this article I never knew or heard of him this is another history article for me black history.

  • Faythomas July 12, 2019 - 10:08 pm

    I remember John Johnson of Ebony Magazine & fashion Fair also supported him VERY PROUDLY!!!! I have a collection of the magazines. I also educate my children & others about this successful man & all that concerned. HIM!!!

  • Rita L. Haynes July 13, 2019 - 9:56 pm

    Good to know this history. I was familiar with Shore Bank, but didn’t know they had bought out a black bank. We were part of First Bank in Cleveland, Ohio, founded by Atty John H. Bustamante.