Going for a bull ride

Citizens Trust becomes third publicly traded black bank

assets,” says Gladue. “They’ll also have to improve in efficiency. Closely held institutions often don’t run as efficiently as larger institutions because they don’t have the market pressure forcing them to.”

For the moment Young isn’t overly concerned with the demands of the new marketplace or the fact that other African American banks, including New York-based and publicly traded Carver Federal Savings, have gone down the public road and faced significant challenges.

“We have a history of profitability. Our bank survived the Great Depression, World War II, the Korean and the Vietnam wars and numerous recessions in between,” says Young. “Investing in our bank is a good decision for shareholders because, unlike some of the new technology companies, we are not selling hope in the future. We’re selling a future based on a very strong past.”

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