At its annual legislative conference, the Congressional Black Caucus Foundation announced its donation of $5 million to five African-American owned banks. Among them are Industrial Bank in Washington, D.C.; Liberty Bank & Trust Company in New Orleans; Mechanics & Farmers Bank in Durham; Seaway Bank & Trust Company in Chicago and City National Bank of New Jersey in Newark.
?Our $5 million investment is part of a new effort at the Foundation to strengthen the economy and Black communities. We saw a need and an opportunity to support much needed progress in economic recovery in African-American communities and we seized it,? said CBCF President/CEO Shaunise Washington.
According to the Federal Deposit Insurance Corporation, there were 54 African American-owned banks in 1994 compared to 21 in 2013.
Rep. Chaka Fattah (D-Pa.), the chairman of the foundation, said that this is the first time the foundation has invested in African-American owned banks. The CBCF?s focus is mostly on the role of African Americans in politics and public policy.
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