Banks

The crucial need to increase capital, reach more customers, and continue to grow prompted a number of banks to seek help from the federal government. At least six black-owned banks received nearly $60 million in new capital from the U.S. Treasury Department’s Troubled Asset Relief Program. At New Orleans-based Liberty Bank and Trust Co. (No. 5 on the BE Banks list with $372.7 million in assets), the bank’s president, Alden McDonald Jr., says his bank plans to use $5.6 million in TARP capital to boost lending. Though his bank’s assets grew 16% in 2008, profits plunged 24%. Liberty won a bid last year to take over Kansas City, Missouri-based Douglass National Bank; the deal added about $50 million in assets but cut profits, largely because of expenses tied to the purchase.

Women of Power

PamGrier300232

Pam Grier to be Honored at Black Enterprise Women of Power Summit

Pam Grier to be honored with the Legacy Award at Black Enterprise’s 2015 Women of…

Read More »
2014CAROLINECLARKE300232

Women of Power TV Show Set to Premiere October 25

Black Enterprise’s nationally syndicated Women’s Power show debuts October 25 on TV One.

Read More »