ISF Bank is Last Black-Owned Bank in Chicago
Illinois Service Federal (ISF) Bank, a Black-owned institution, announced Monday that it is poised to continue to serve Chicago’s African-American community.
The news follows the acquisition of all 10 branches of Seaway Bank and Trust Co. by State Bank of Texas. The bank will remain open during normal business hours under new ownership and deposits will continue to be FDIC insured.
Last August, Seaway had attempted to shore up its financial condition with a community driven campaign established to support Black-owned banks. It was part of Killer Mike’s #BankBlack movement, one meant to bring jobs and investment to neighborhoods in need of support.
“ISF Bank is eager to continue serving its loyal customer base as well as broaden its footprint in the community,” ISF Bank Executive Vice-President, Monica Thomas said in an emailed statement sent to JETMAG.com.
According to an FDIC report, the bank had about $361.2 million in total assets and $307 million in total deposits. State Bank of Texas agreed to purchase $309 million worth of the bank’s assets.
ISF was established in 1934 during the Great Migration and is now the lone Chicago-based Black-owned banking institution.