Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts

Saturday, February 19, 2022

Dr. Susan M. Collins named next President and CEO The Federal Reserve Bank of Boston

The Federal Reserve Bank of Boston announced that Dr. Susan M. Collins will be its next president, CEO, and participant in national monetary policymaking on the Federal Open Market Committee.

Collins currently is provost and executive vice president for academic affairs at the University of Michigan – a role the university asked her to take on in 2020. She is also the Edward M. Gramlich Collegiate Professor of Public Policy and Professor of Economics.

As provost, Collins is the University of Michigan's chief academic and budget officer, responsible for overseeing all academic programming and budget planning and aligning administrative and support functions to advance the university's mission. Previously, she was a professor – and for a decade was the Joan and Sanford Weill Dean – at the university's Gerald R. Ford School of Public Policy.

Collins is an international macroeconomist with a lifelong interest in policy and its impact on living standards. She has published widely and served as a provost, dean, professor, research scholar, and board member at a variety of organizations.

The announcement follows a rigorous search, selection by the eligible (non-banker) members of the Bank's Board of Directors, and approval by the Washington-based Board of Governors of the Federal Reserve System.

"After an intensive search, we are thrilled to appoint this exceptionally well-qualified person to be the Bank's president and a key leader in the Federal Reserve System," said Dr. Christina Paxson, president of Brown University and chair of the Bank's Board of Directors, who also led the Presidential Search Committee.

"Dr. Collins brings the technical expertise and insight to contribute to policymaking and the leadership ability to head the organization," Paxson said. "She is deeply committed to serving the public, engaging with constituents, and advancing economic stability, opportunity, and prosperity for the region and nation through the work of the central bank. Susan has also advanced diversity, equity, and inclusion through her work with the American Economic Association, the Ford School, and the University of Michigan."

"It is an honor and an inspiration to serve as the Boston Fed's next president," Collins said. "Throughout my career, I have been driven by a commitment to leveraging research, education, and public service to improve lives. I look forward to helping the Bank and System pursue the Fed's dual mandate from Congress – achieving price stability and maximum employment."

"I am also inspired by the portfolio of important and innovative work underway at the Boston Fed," Collins said. "I am delighted with the opportunity to lead such a dynamic organization, engage with its talented staff, and work with its constituents – to understand their economic challenges and help explain the work of the Fed in the economy. It will also be a pleasure to return to Greater Boston and New England."

Collins spent many years in the Boston area while earning her undergraduate degree at Harvard University (summa cum laude), earning her Ph.D. at the Massachusetts Institute of Technology, and while serving as an assistant and then associate professor of economics at Harvard. She also worked in Washington in roles including senior staff economist at the President's Council of Economic Advisers, professor at Georgetown University, senior fellow in economic studies at the Brookings Institution, and visiting scholar at the International Monetary Fund.

"We are very pleased that Dr. Collins will be leading our organization," said Kenneth Montgomery, interim president and CEO of the Boston Fed and the Bank's first vice president. "She is a leader with exceptional background and perspective. She also has a deep understanding of the Federal Reserve System's inner workings, having served for nine years as a director at the Chicago Reserve Bank. I am excited to work with Susan here in Boston, and I know she will help us build on our Bank's distinctive contributions."

Collins will assume the Bank's presidency on July 1, following the completion of the academic year at the University of Michigan. Montgomery will remain the Bank's interim president until then and will continue as first vice president and chief operating officer. He assumed the interim president role last fall when former president Eric Rosengren retired following 35 years of service to the Bank (14 as president). Montgomery will also continue leading the Federal Reserve System's FedNowSM Service, which will support instant payments for businesses and individuals.

In addition to positions held in the Boston area, Washington, and Michigan, Collins has a broad range of professional affiliations and engagements. She is currently a member of the board (and executive committee) of the Cambridge, Massachusetts, based National Bureau of Economic Research, where she has been involved in research since 1984. She is a member of the board of the Peterson Institute for International Economics and a nonresident senior fellow at the Brookings Institution. She will step down from these positions before taking office. She is also a member of the Council on Foreign Relations and the Aspen Economic Strategy Group.

Collins has served multiple times as a moderator at the Jackson Hole symposium hosted by the Kansas City Reserve Bank. And from 2006 to 2009, she served as an elected member of the American Economic Association's executive committee. Earlier, she had been a member and then chair of the American Economic Association's Committee on the Status of Minority Groups in the Economics Profession. More details on her professional affiliations can be found in her biography.

Collins grew up in New York City to Jamaican parents and became a U.S. citizen in 1997. She is married to Dr. Donald R. Vereen, Jr., M.D., M.P.H., who trained at Harvard and Tufts Universities and at Boston-area medical institutions. They have two adult children.

Her published research has focused on the determinants of economic growth, exchange rate regimes and economic performance, the implications of global integration for U.S. labor markets, persistent macroeconomic imbalances, and countries' economic transformations.

Given the established rotation of Reserve Banks, in 2022 Collins will be a voting member of the Federal Open Market Committee after taking office. As president, she will oversee the Bank's responsibilities in monitoring local economic conditions to aid in the formulation of monetary policy, engaging in outreach to promote economic growth and community revitalization, supervising banks and bank holding companies, and providing financial services to facilitate banking operations.

Collins will fulfill the remainder of the current five-year term that commenced on March 1, 2021, and ends on February 28, 2026 – a juncture at which she, like all Reserve Bank presidents, will be considered for reappointment via a rigorous and comprehensive process overseen by the Board of Governors.

Reserve Bank presidents are subject to mandatory retirement considerations. Presidents initially appointed after age 55 are eligible to serve up to 10 years in office.

Wednesday, March 11, 2020

Wells Fargo to Invest in African American Owned Banks, Savings & Loans

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo announced that it is seeking to invest up to $50 million in African American Minority Depository Institutions (MDIs). These investments are part of Wells Fargo’s commitment to supporting economic growth in African American communities where MDIs, often community based banks, provide mortgage credit, small business lending, and other banking services. Wells Fargo commends Congresswoman Joyce Beatty and Congressman Gregory Meeks for recently sponsoring legislation to enhance MDIs and these investments in African American MDIs will support the spirit of that legislation.

“Our industry is stronger when we work together, shepherding resources for underserved individuals and small businesses to create economic opportunities that will strengthen the long-term success of communities,” commented Jonathan Weiss, CEO of Corporate & Investment Banking and Interim CEO of Wealth & Investment Management at Wells Fargo. “MDIs are a key part of the lending ecosystem for underserved communities, playing an important role in neighborhood revitalization, and we look forward to helping African American MDIs grow, serve their communities, and expand their sphere of influence by providing capital, connections and expertise.”

MDIs play an important role in providing banking services to minority and low and moderate income (LMI) communities. Compared with other financial institutions, MDIs tend to serve communities in which a higher share of the population lives in LMI census tracts and in which higher shares of residents are minorities.

This investment complements Wells Fargo's Diverse Community Capital (DCC) program, a five-year, $175 million program to empower diverse small business owners with greater access to capital and technical assistance so they can grow and sustain local jobs. The DCC program is a collaboration with Opportunity Finance Network and CDFIs (Community Development Financial Institutions) across the country. To date, the CDFIs in the program have made 124,000 loans, delivered 322,000 hours of technical assistance, and benefited 49,000 small business owners who collectively sustain more than 183,000 jobs in rural and urban markets nationwide.

About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Sunday, November 17, 2019

Black owned Industrial Bank expands into NJ and NY

Since 1934, Industrial Bank has played a pivotal role in the growth and economic development of the Washington, DC metropolitan area through its essential products and services, customer care and community service. Today, the Bank announced it has acquired City National Bank of New Jersey, with two branches in New Jersey and one branch in Harlem, New York.

“We’re excited about welcoming City National Bank’s customers and teammates to the Industrial Bank family.” stated Industrial Bank President and CEO B. Doyle Mitchell, Jr.. “This acquisition will allow us to expand our footprint into the northeast region and deepen our commitment to impacting economic development in various communities”.

Much like Industrial Bank, City National Bank was started to fill a great economic void within the African American community whose access to credit and banking services was historically limited. We consider this more of a partnership than an acquisition as we have enjoyed a long-standing relationship with City National Bank and its great team of bankers who share our common values and commitment to community service.

On top of loan awards and financial services, as a Community Development Financial Institution (CDFI), Industrial Bank reinvests over 60% of its assets back into the community every year and continues to activate and support community programs. Bank President B. Doyle Mitchell, Jr., as did his father and grandfather before him, still believes in the importance and power of financial education, entrepreneurship and homeownership.

On August 20th, Industrial Bank celebrated its 85th anniversary and remains committed to giving back to any community that it calls home.

ABOUT INDUSTRIAL BANK: Industrial Bank is one of the largest African American owned banks in the United States. Since 1934, Industrial Bank has been a strong partner for small and large businesses, homeowners, and personal banking account customers in the Washington, DC and surrounding metropolitan areas.>/p>

Monday, September 18, 2017

City to deposit $20 million in Chicago's last black-owned bank

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.

Read more: City to deposit $20 million in Chicago's last black-owned bank

Monday, August 01, 2016

#BankBlack: List of 23 Black Owned Banks


#BankBlack, a movement to get African Americans to put their money in their own banks and to invest in their own communities is gaining steam throughout the country. There are 23 black owned banks in the United States. If you are interested in opening an account at a Black-owned, FDIC-insured bank, here's the complete list below according to FederalReserve.gov:

ALABAMA

#1 - Alamerica Bank: This bank in Birmingham, Alabama provides a unique banking experience for underserved communities. Their staff of experienced bankers is committed to providing quality and personalized service, offering a full array of banking services, from deposit accounts to loans.

#2 - Commonwealth National Bank: At this bank in Mobile, Alabama, they believe that your business is unique and so your bank should be too. They offer free online banking with no minimum daily balance required, and a variety of business accounts designed to help you maximize your banking experience.

(Also see #11 - Liberty Bank, which has branch locations in Tuskegee and Montgomery, AL.)

CALIFORNIA


#3 - Broadway Federal Bank: Based in Los Angeles, California, this Black-owned bank aims to serve the real estate business and financial needs in underserved urban communities. They especially aim to meet the needs of minority consumers who want to take out conventional loans.

(Also see #13 - One United Bank, which has branch locations in Compton and Los Angeles, CA.)

DISTRICT OF COLUMBIA (WASHINGTON, DC)

#4 - Industrial Bank: Headquarted in Washington, DC with branch locations in Oxon Hill and Forestville, MD, this bank has delivered essential banking and financial services since 1934 that have contributed greatly to the growth and development of the local Black community.

FLORIDA

#5 - Axiom Bank: Headquartered in Central Florida with branches throughout the Jacksonville, Orlando, and Tampa areas, this federally-chartered community bank serves the financial needs of its customers through a wide range of financial products. They provide retail banking services, including checking, deposit, and money market accounts, through 20 branch locations, 19 of which are inside select Walmart Supercenters.

(Also see #13 - One United Bank, which has branch locations in Miami, FL.)

GEORGIA

#6 - Carver State Bank: Established in 1927 in Savannah, Georgia, this Black-owned bank has has remained a financial services leader for all sectors of the Savannah community throughout its 85 years and is the only bank in the area with an outstanding Community Reinvestment Act Rating.

#7 - Citizens Trust Bank: Since their beginning in 1921, this Atlanta, GA-based bank has responded to market shifts by expanding their electronic platform while still providing the personal touch service that makes them unique to their customers. Thanks to an online #BankBlack social media campaign in July 2016, more than 8,000 new accounts were opened at their branch in just one week.

ILLINOIS:

#8 - Illinois Service Federal Bank: Based in Chicago, this bank aims to be a viable, growing, community development financial services institution responding innovatively to their primarily underserved and minority constituency with superb customer service.

#9 - Seaway Bank & Trust Company: This Chicago-based community bank serves families, non-profits and businesses in diverse neighborhoods. It was established in 1965 to counter discriminatory lending practices and is now recognized as one of the nation's largest minority-owned banks, with more than $400 million in assets and 240 employees.

(Also, see #11 - Liberty Bank, which has branch locations in Chicago, IL.)

KANSAS:

(See #11 - Liberty Bank, which has branch locations in Kansas City, KS.)


KENTUCKY:

#10 - Metro Bank: Based in Louisville, Kentucky, this Black-owned bank works to provide opportunity where before there was none - whether it is their involvement in a multi-million dollar New Markets Tax Credit project, or a start-up business loan to an entrepreneur providing a much-needed service in an underserved neighborhood.

LOUISIANA:

#11 - Liberty Bank: Primarily based in New Orleans and Baton Rouge, Louisiana, this bank has a sincere focus on service, integrity and a sincere interest in community and business development. Over the past four decades, they have also expanded to more than 18 branches in six states - including Kansas, Mississippi, Michigan, Missouri, Alabama, and Illinois.

MARYLAND:

#12 - Harbor Bank of Maryland: Opening its doors in 1982, this bank primarily serves the Baltimore metropolitan area, and offers checking, savings, time deposits, credit cards, debit card, commercial real estate, personal, home improvement, automobile, and other installment and term loans. They also have a branch in Riverdale, MD, PG County.

(Also, see #4 - Industrial Bank, which has branch locations in Oxon Hill and Forestville, MD.)

MASSACHUSSETTS:


#13 - One United Bank: The first Black internet bank and the largest Black-owned bank in the country, with offices in Los Angeles, Boston and Miami. They were awarded the highest Bank Enterprise Award by the U.S. Department of Treasury for their community development lending ten times, and they are a designated Community Development Financial Institution (CDFI).

MICHIGAN:

#14 - First Independence Bank: Based in Detroit, this bank was established in the 1970's to serve the financial needs of the urban community, its businesses, and its citizens. They say that no line of financial services is beyond their charter as long as they are serving the financial needs of businesses and families in the Black community.

(Also, see #11 - Liberty Bank, which has branch locations in Detroit, MI.)


MISSISSIPPI:

(See #11 - Liberty Bank, which has branch locations in Jackson, MS.)

MISSOURI:

(See #11 - Liberty Bank, which has branch locations in St. Louis, MO.)

NEW JERSEY:

#15 - City National Bank: Primarily based in Newark, NJ with branch locations in Harlem and Brooklyn, NYC, this Black-owned bank plays a pivotal role in strengthening urban communities. They call themselves a forward-thinking financial institution whose mission is to build economic strength and improve the quality of life within urban communities by providing the highest quality financial services, including low-cost business loans.

NEW YORK:

(See #15 - City National Bank, which has branch locations in Harlem and Brooklyn, NY.)

NORTH CAROLINA:

#16 - Mechanics & Farmers Bank: Founded in 1907, this bank is the 2nd oldest minority-owned bank in the United States. They have branches in Winston-Salem, Durham, Raleigh, Greensboro, and Charlotte, and most of their deposits are recycled back into urban communities.

PENNSYLVANIA:

#17 - United Bank of Philadelphia: Based in the city of Philadelphia, this Black-owned bank says that all deposits stay right in the community in a cycle of community, inclusivity, and opportunity. They offer affordable banking services to individuals, families, small businesses, and non-profit organizations.

SOUTH CAROLINA:

#18 - South Carolina Community Bank: Based in Columbia, SC, this Black-controlled bank offers a select range of high priority personalized products and services to traditionally underserved communities, including small to medium sized businesses,

TENNESSEE:

#19 - Citizens Savings Bank and Trust Company: With branch locations in Nashville and Memphis, TN, this community bank provides friendly and personal service to both individuals and small businesses. They are an equal opportunity employer with 32 full-time employees, 3 convenient offices and approximately $100 million in total assets.

#20 - Tri-State Bank of Memphis: With three branch locations throughout the Memphis area, this a community bank has proudly served the urban community for over 65 years and have a history of leadership, concern and commitment.

TEXAS:

#21 - Unity National Bank: Based in Houston, Texas, with a branch also in Missouri City, this Black-owned bank creates opportunities to help people and businesses grow and enhance the quality of life. They do that through service and services that respect their time, make banking easier and keep them financially competitive.

VIRGINIA:

#22 - First State Bank: Chartered in 1919 in Danville, VA, this locally-owned and operated bank provides the personal touch to banking services. From checking and savings products to loans and other financial investments, they offer a variety of options to fit your needs.

WISCONSIN:

#23 - Columbia Savings & Loan Association: Based in Milwaukee, WI, this is the oldest Black-owned financial institution in the state, and they have been serving commercial and individual accounts to urban customers since 1924. They offer checking accounts, and consumer and business loans.


Thursday, July 14, 2016

Thousands of new accounts opened at black-owned Citizens Trust Bank

A historic Atlanta bank is busy after influencers in the black community called for people to move their money into black-owned banks. In just five days, 8,000 people submitted applications to join the bank.

Citizens Trust Bank, founded in 1921 on Auburn Ave., is owned and operated by African Americans. After a week of protests following new officer-involved shootings, celebrities and influences started sharing blogs listing various black-owned banks throughout the country. Citizens Trust Bank was on that list.

In the days following the police shooting deaths of Philando Castile and Alton Sterling and in the midst of protests and rallies, national celebrities like Solange Knowles and local influences like Tiwa Works shared pictures and articles convincing people to open accounts and #BankBlack.

[SOURCE]

Sunday, February 22, 2015

Country's black-owned banks are in a fight for their survival

Black-run banks are in a fight for survival, even though many advocates argue that many African-Americans remain starved for banking services.

The Federal Deposit Insurance Corp. counted 25 black-owned banks remaining in the country last year, down from 48 in 2001. That decrease came as the overall number of minority-owned banks increased slightly, going from 164 to 174. In addition, the majority of black-owned banks that remain open are on shaky ground and struggling to hold on in the face of the economic devastation that has ravaged many of their customers.

Black-run banks have been struggling for years, as mainstream institutions increasingly picked off their best-heeled customers. The increased competition came amid what some call a string of strategic blunders.

The banks, historically headquartered in the heart of traditional black communities such as Chicago’s South Side, New York’s Harlem and Washington’s Shaw, failed to modernize their services. Few offered the branch networks, computerized banking and other automated services that have come to dominate the business.

Taken together, black banks control $5 billion in assets, a tiny fraction of the size of the nation’s banking behemoths, such as Wells Fargo, which by itself has some $1.7 trillion in assets. Black banks tend to be small even by the standard of minority-owned banks, which as a group had some $181 billion in assets at the end of 2013, according a FDIC report.

Read more: Country's black-owned banks are in a fight for their survival