Black-owned banks struggling to keep doors open By Heather Faison
NNPA Special Correspondent Updated Jun 13, 2007 - 10:22:00 AM
WASHINGTON (NNPA) - Independence Federal Savings Bank, one of the nation’s oldest Black-owned financial institutions, based in Washington, D.C., was taken over in an aggressive buyout by a White developer recently, sending a chilling message to the already diminishing Black financial industry.
“This was quite a loss and unfortunately, when one Black bank closes there is a big sore, but when one bank from a majority-own closes, it is not as devastating,” said Norma Hart, President of the National Banker’s Association.
Less than two decades ago there were nearly 50 Black-owned banks. But, according to the Federal Reserve, there were only 31 certified operations in 2006. That number decreased when the takeover of Independence Federal Savings in Washington, D.C., by developer Morton A. Bender, was finalized. After a ruthless five year battle during which Mr. Bender held up the bank in multibillion-dollar lawsuits, federal regulators allowed him to acquire 51 percent of the company’s stock which gave him control of the bank’s executive board.
http://www.finalcall.com/artman/publish/article_3577.shtml
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