According to news reports, "The Congressional Black Caucus Foundation, Inc. (CBCF)..(made a) $5 million (deposit) in African-American banking institutions as part of a broader effort to increase the availability of loans for businesses and individuals in African-American communities. In all, five banks will receive $1 million each" in deposits. The Foundation, "established in 1976, is a non-partisan, non-profit, public policy, research and educational institute intended to broaden and elevate the influence of African Americans in the political, legislative and public policy arenas." The banks are: Chicago-based Seaway Bank and Trust Co. New Orleans-based Liberty Bank and Trust Co. Washington, DC-based Industrial Bank Newark, NJ-based City National Bank Durham, NC-based M&F Bancorp This effort was spearheaded by Ron Busby, Sr., CEO, U.S. Black Chambers, Inc. (pictured right). All in all, a good move. This is modeled on efforts we spearheaded ov
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According to the Winston-Salem Journal , "M and F Bancorp Inc. said yesterday (August 10, 2007) that it has agreed to buy Mutual Community Savings Bank Inc. and merge it with M and F’s bank subsidiary, Mechanics and Farmers Bank. The banks, both based in Durham, are two of the nation’s oldest black-owned financial institutions." We believe the merger is a positive development, and will insure that black banks remain a factor in North Carolina. We also note that this is the third transaction in the Black banking sector over the last 60 days.