Chicago Set to Deposit $20 Million in Last Black-Owned Bank
Illinois Service Federal (ISF) Savings and Loan Association is Chicago’s last black-owned bank standing and the City of Chicago is set to make a $20 million deposit. City Treasurer Kurt Summers announced Monday that the city was making the big deposit. ISF Bank was founded in 1934 with the sole intention of giving back to the African American community by allowing them access to credit opportunities.
According to Summers, the city deposit could lead to a boast in economic development in the city’s neighborhoods. Community banks are designed to help the local community and that’s exactly why Summers chose the Bronzeville bank just for that reason. ISF Bank is one of only about 20 black-owned banks in the country, according to the Federal Deposit Insurance Corp.
The bank is now in a stable position compared to its former rockier times and the city felt now is the time to make the deposit. Chicago keeps between $300 – $700 million on deposits in banks at any given time. Small-business owners and community leaders alike see this as a positive step in growing its surrounding neighborhood and city.