Clock Running Down On Nation’s Oldest Black Bank

Consolidated Bank & Trust Co. faces pressure to restore profitability and financial soundness

ethnic and business backgrounds that can also bring banking experience.

CLOSING THE DEAL
There have been several big deals among BE 100S banks over the last few years. Here are some of the major transactions:
October 2000: Boston Bank of Commerce (No. 15 on the 2000 BE BANKS list with $137.7 million in assets) and Los Angeles-based Founders National Bank (No. 19 on the 2000 BE BANKS list with $105.9 million in assets) sign a definitive agreement to merge and create the first national minority banking platform controlled and managed by African Americans. The combined entity has assets totaling more than $260 million.

July 2002: Boston Bank of Commerce (No. 6 on the 2002 BE BANKS list with $261.7 million in assets) signs a definitive agreement to acquire Los Angeles-based Family Savings Bank (No. 9 on the 2002 BE BANKS list with $196.6 million in assets) in a cash transaction. The combined company is later renamed OneUnited Bank.

February 2003: Atlanta-based Citizens Trust Bank (No. 3 on the 2002 BE BANKS list with $292.4 million in assets) completes the acquisition of CFS Bancshares Inc. in Birmingham, Alabama, (No. 19 on the 2002 BE BANKS list with $107 million in assets) for $9.2 million in cash.

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