Dr. Papa Kwesi Nduom, Chairman of the Board of Directors of South Side Chicago based ISF Bank has announced that the USA banking regulator, the Office of the Controller of the Currency (OCC), has approved the changing of the name of the ISF Bank which started in 1934 by 13 black men to become GN Bank, USA.
This was at the annual Customer Appreciation Gala of the Bank held in Chicago on Wednesday, May 16, 2018, a statement copied to Citi Business News said.
There is no American bank focusing on the African-Caribbean market and it is the intention to turn the 84 year old Chicago bank into a local and international powerhouse.
In 1934, thirteen black men started the Illinois Service Federal Savings & Loans Association. We know that it was black women who ran the bank and made it work.
The ISF Bank as it has come to be known, has supported many to acquire their first homes and start their own businesses. On April 29, 2016, the Nduom family obtained Change of Control approval from the Office of the Controller of the Currency (OCC) on April 29, 2016 to acquire the bank.
According to Dr. Nduom,“since then, new capital, directors and management personnel have been added to diversify and strengthen corporate governance. I am pleased to note that ISF Bank has become more stable, safe and ready and able to serve this community for several more decades unlimited to come.
Dr. Nduom stated that the target is to grow the bank to become a $1 billion strong national financial institution headquartered on the south side of Chicago.
“You know about mobile wallet products such as Zelle. In July, we intend to introduce our own mobile banking wallet product called PayGlobal. We plan to work hard to convince merchants in our community – the store around the corner, restaurants such as Peaches, Marianos and the rest to accept payments using this product so you do not have to carry cash with you,” he announced.