ISFBank Receives $20 Million Boost
The Illinois Service Federal Savings & Loan Association (ISFBank) is the last black-owned bank left standing in the city of Chicago, and Chicago has recently taken a giant step toward ensuring that the bank does not close its doors.
$20 million has been deposited into the bank, which has long supported underserved communities, courtesy the city.
ISFBank has been a financial cushion for residents and minority-owned businesses alike. With a noticeable decline in the number of black-owned banks nationwide over the past 25 years, it is more crucial than ever that ISFBank does not meet the same fate as many before it.
Executive director of Mid South Business Association and Resource Center Phillip Beckham has stated that the deposit will now aid bank officials in the development and support of neighborhoods, homes and businesses where people of color reside.
For additional information on Illinois Service Federal Savings & Loan, visit the bank’s official website.
By: Danielle Dixon
Follow her on Twitter: @tooprettydani