Illinois Service Federal Savings & Loan Association is the last city’s last black-owned bank. Monday according to a post on Baller Alert the bank received a $20 million deposit from the city and this announcement was made by the Chicago City Treasurer Kurt Summers.
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Over the past several months many have decided to put their money in more black-owned banks, especially after the police shooting unarmed black men. Illinois Service Federal Savings & Loan Association has been in the community since 1934 and made it through many struggles.
Summers said, “If we’re going to be serious about supporting those communities and supporting community banks and what they do for small businesses, we have to look for opportunities like this.” We hope that this raises awareness to more people about putting their money in black-owned banks and hope more city’s put money into them.