Business News of Friday, 18 May 2018
Dr. Papa Kwesi Nduom, President of Groupe Nduom and Chairman of ISF Bank has informed customers, management and workers that the office of the comptroller of currency has given approval for the ISF Bank to change its name to GN Bank.
The official change of name will be in July 2018. This he said would enable the GN Bank family to provide the needed capital to grow the GN Bank in the USA.
Dr. Nduom gave customers of the Bank assurances that soon the Bank would be Federally regulated national Bank, with branches in Massachusetts, Wisconsin, Virginia, New York, Washington DC, Georgia and Maryland with the headquarters in the South side of Chicago.
Dr. Nduom said these at this year’s customer appreciation gala, organized at the luxurious Parkway Ballroom, 4455 S. Martin Luther King Drive, Chicago Illinois.
Founded in 1934, the Chicago-based Illinois Service Federal Savings (ISF Bank) is the oldest and second largest black-owned bank in the state. The bank specializes in mortgage, personal, automotive, small business, and home equity loans.
The Parkway Ballroom had close to 250 guests who mingled in an elegant, jazz-music filled room to celebrate the success story of Illinois Service Federal Bank, ISF.
The night was filled with merriment and promise as both long-time and new bank customers joined the owners, management and workers of the bank.
Dr Nduom announced that the bank had a turnaround for the first time in many years when it declared profit last year.
Established in 1934 during the Great Migration, ISF Bank offered home and business loans to the many African Americans who moved to the North to escape the limited economic opportunities in the segregated South.
Like many banks throughout the nation, ISF suffered financial losses during the housing crisis of 2008 and the subsequent economic recession.
To get back on track, the Nduom family rolled out innovative financial programs and initiatives that have started yielding good results. Steps taken by the Nduom family helped to attract new customers and raise the needed capital for the bank.
Many of the guests in attendance were excited to see just how the Nduom family were able to revitalize the bank which was almost at the verge of collapse before the Nduom family acquired it.
“I wish to inform you about some more positive changes to come. We are determined to grow this bank to a billion-dollar institution. A new product called pay global will be introduced as one of the products of the bank.” Dr Nduom proudly told the audience. Dr. Nduom ended by saying that the bank will raise the interest rate on savings to 1.8 percent per annum, one of the highest in the banking industry.
Dignitaries at the event include the Cook County Board of Commissioners, Toni Preckwinkle and the Illinois State Treasurer, Mike Frerichs. The Ghanaian community in Chicago was highly represented by the President of the Ghana National Council, Paa Kwasi Sam and some of his executives and council members, Mr. and Mrs. Berko Akoto of the African Spectrum fame, Mr. John Abbeyea and others.
Reverend Dr. Isaac Paintsil offered the opening prayer. The event was excellently emceed by Dometi Pongo.