The last black-owned bank in Chicago is set to receive a $20 million deposit of city funds.
City Treasurer Kurt Summers on Monday announced the deposit into Illinois Service Federal Savings and Loan Association.
Founded in Chicago in 1934 to help give the black community better access to credit, ISF Bank is one of just more than 20 black-owned banks in the country, according to the Federal Deposit Insurance Corp.
The deposit is meant to help drive economic development in the city's neighborhoods, Summers said.
"It's about being a community bank," said Summers, noting that his office works to invest in the city's neighborhoods and institutions. "Community banks are a great opportunity for that because they are designed for the sole purpose of reinvesting in their local area."
On average, the city keeps between $300 million and $700 million on deposit in banks. In order to receive deposits of city funds, financial institutions must go through a special certification process.
The deposit at ISF Bank, which went through the certification process, is the first the city has made with the intent to bolster a community bank, Summers said.