Chicago’s Oldest Black Bank At Risk Of Closure

0 Posted by - January 16, 2021 - LATEST POSTS

According to Crain’s Chicago Business, Illinois Service Federal Savings & Loan, a thrift founded by 13 African-American men in 1934 as a depositor-owned lender, is seeking a $7 million lifeline. Crain’s reports that a federal consent order issued April 16 puts the pressure on the $110 million-asset lender to shore up its capital or face “corrective action” from the U.S. Office of the Comptroller of the Currency. Without an infusion, Illinois Service risks closure and transfer of its deposits and loans to another bank. Illinois Service’s financial troubles follows the failure five months ago of Highland Community Bank, a black-owned lender on the South Side. Highland once held the number 13 spot for banks on the BE100s list with $67.2 million in assets. What’s more, regulators closed Covenant Bank, an African-American-owned bank on Chicago’s West Side, in 2013. Black banks in Chicago have been a huge source of capital access to black owned businesses in the city.

Source: Chicago’s Oldest Black Bank In Jeopardy


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