According to Black Enterprise Magazine , "Liberty Bank (No. 5 on the BE 100s bank list with $373 million in assets) has assumed all of the $13.5 million retail deposits of Home Federal Savings Bank and has purchased approximately $14.9 million of its assets. Home Federal, which was founded in May 1947, was 'critically undercapitalized and in an unsafe and unsound condition to transact business,' according to the OTS. Its two branches and eight employees reopened under the Liberty Bank and Trust Company banner on Monday. Liberty Bank was founded in 1972 and has expanded into seven metropolitan areas and six states while offering banking services and mortgage lending. 'The expansion of our banking network to Detroit is a significant benchmark in our development. We want to broaden our reach and provide our services to a larger audience,' said Alden J. McDonald Jr., Liberty Bank and Trust Company’s president and CEO, in a news release. 'This acquisition is ano
Showing posts with the label Liberty Bank and Trust Co. of New Orleans
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Below, we feel, are the best minority owned banks in the US (as of 6/30/08): LIBERTY BANK & TRUST CO, New Orleans, LA (Black) INDUSTRIAL BANK, Washington, DC (Black) MECHANICS & FARMERS BANK, Durham, NC (Black) CITIZENS SECURITY BK GQ INC, Guam, GU (Asian) CENTRAL BANK OF KANSAS CITY, Kansas City, MO (Women) BROADWAY FEDERAL BANK F S B, Los Angeles, CA, (Black) BANCO SANTANDER PUERTO RICO, San Juan, PR (Hispanic) UNITED BANK OF PHILADELPHIA, Philadelphia, PA, (Black) CARVER STATE BANK, Savannah, GA, (Black) NORTH MILWAUKEE STATE BANK, Milwaukee, WI (Black) Yes, we know there are a lot of Black-owned banks on the list. Here's why: Black banks have always had relatively higher levels of nonperforming loans, so they know better (than, say WAMU) how to survive with these types of loans on the books. We think this skill will serve them well in the current credit cycle. Thus, they are rated a little higher than other minority banks. We think smaller banks will do well over
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According to the Kansas City Star , "Douglass National Bank, the Kansas City area’s only black-owned bank, failed Friday under the weight of mounting loan problems. It will reopen Monday as part of a Louisiana bank. The bank’s failure is the first in the nation this year and the first in the area since Superior National Bank failed in April 1994. Douglass’ two Kansas City, Kan., offices and one in Kansas City will reopen as branches of Liberty Bank and Trust Co. of New Orleans. Liberty is a profitable $327 million bank with 14 branches in Louisiana, Mississippi and Texas."