Chicago deposits $20 million in the city’s remaining black bank

Kurt Summers

The Chicago Treasurer’s office has deposited $20 million into Illinois Service Federal Savings and Loan Association, a financial institution founded in 1934 by 13 black men.

“As a life-long Chicagoan, I know how important it if for use to keep local dollars in communities,” said City Treasurer Kurt Summers.

Illinois Service Federal Savings and Loan Association is the last black-owned bank based in Chicago. The bank’s main office is in the Bronzeville neighborhood on the South Side.

Phillip Beckham, executive director of the Mid South Business Association and Resource Center, said the deposit will support development of neighborhoods that have been left out or left behind.

ISF has been acquired by the Ghanaian-American Nduom family. ISF Chairman Dr. Papa Kwesi Nduom said the deposit provides a much-needed financial boost to the bank’s financial foundation.

 

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