Citibank Invests in Black-Owned Bank
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New York’s Citibank has invested $250,000 in the stock of Founders National Bank of Los Angeles, the largest black-owned commercial bank west of the Mississippi River.
Founders President Carlton J. Jenkins said the Citibank stock purchase was important because it marked the first time the giant bank has teamed up with one in South-Central Los Angeles.
“It’s not a lot of money, but we think it has historical significance because it is the beginning, the creation of a relationship between us,” said Jenkins, who founded the bank in 1991 with two partners. “It is a crucial bridge for us as we continue to develop. A lot of people forget we’re only 6 years old.”
Founders Bank has three branches in South-Central Los Angeles, one in Compton and another under construction in Lynwood. The bank serves about 20,000 customers and employs 75 people, Jenkins said.
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