BOSTON - Boston Bank of Commerce moved a step closer to fulfilling its mission of building the first nationwide bank run by African-Americans, signing a purchase agreement with Founders National Bank in Los Angeles.

The $150-million asset Boston bank said Tuesday it would buy $106 million-asset Founders National, making the combined entity the third-largest bank in the country run by African-Americans, after Carver Bancorp in New York and Seagate National Bank in Chicago.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.