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

Lisa Nichols

Author and Motivator Lisa Nichols Inspires During Social Media Event

Lisa Nichols inspired participant during her tweet chat with Black Enterprise, detailing her latest business…

Read More »
Image: File

Susan L. Taylor Talks Mentorship and Passing on a Legacy via CARES

Sharing tips on passing on a legacy and the need for mentorship, Susan L. Taylor…

Read More »