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Jacoby Dickens, majority owner and chairman of Seaway Bancshares, died Sunday at his home in Fisher Island, Fla., Crain's Chicago Business reported.
April 16 -
The Illinois Department of Financial and Professional Regulation has closed the $58.4 million-asset Covenant Bank on Chicago's West Side.
February 15 -
M&F Bancorp (MFBP) in Durham, N.C., said in a regulatory filing Thursday that it hired Randall Hall as its chief financial officer. He succeeded Lyn Hittle, who will retire in March.
January 18
The Congressional Black Caucus Foundation is giving $1 million apiece to five African American-owned banks in an effort to create more lending opportunities for people and businesses in minority communities.
The beneficiaries of the investment are the Industrial Bank in Washington, D.C.; Seaway Bank and Trust in Chicago; Liberty Bank and Trust in New Orleans; City National Bank in Newark, N.J.; and M&F Bancorp (MFBP) in Durham, N.C., according to a Sunday
The banks were chosen for their geographical diversity and proven commitment to community development, according to the CBCFs September
"Community development banks have helped countless individuals and organizations to achieve their goals and dreams," CBCF President and Chief Executive A. Shuanise Washington said in the release. "We want to support these financial institutions, so that they can continue to support our communities."
The capital comes at a time when many minority-owned banks are fighting to stay afloat, according to the release. Dragged down by the recession, stiff regulatory requirements and competition from larger banks, the release says, many have shuttered their doors in recent years. The number of African-American-owned banks in the U.S. plummeted from 54 to 21 between 1994 and 2013, according to the Federal Deposit Insurance Corp.
"Minority banks play an important role in the economic empowerment of minority communities," Washington said in the release. "We hope that this investment will spur much-needed economic development, provide critical support to small businesses and inspire others to invest in minority banks-a critical lifeline for comprehensive economic recovery in black communities.
The foundation has already contributed 80% of the $5 million to the banks and will distribute the remaining 20% in the first quarter of 2014, according to the
