Wednesday, July 30, 2008

City’s Black banks stable despite soft economy

Good news from the Chicago Defender:

But business at Chicago’s four Black-owned banks remains upbeat despite the IndyMac debacle, record foreclosures and a dwindling job market.

“I disagree with anyone who says the banking industry is in a downturn,” said Walter Grady, president and CEO of Seaway Bank and Trust Co. “The banking industry is strong, and Black banks are thriving here in Chicago and elsewhere. And even though a lot of banks are involved in sub prime loans, Seaway does not do sub prime loans. If we cannot get you qualified for a conventional loan, then we deny your loan request.”

Seaway, headquartered at 645 E. 87th St., is Chicago’s largest Blackowned bank with $350 million in assets.

Grady added that Seaway currently has a $40 million mortgage portfolio and advises anyone renting to continue renting if they cannot get a conventional loan such as one with a fixed interest rate.

Read the whole thing! Also check out this story in the Chicago Defender about local black owned businesses making the Black Enterprise 100 list.

No comments:

Post a Comment

PLEASE READ FIRST!!!! Comment Moderating and Anonymous Comment Policy

While anonymous comments are not prohibited we do encourage you to help readers identify you so that other commenters may respond to you. Either read the moderating policy for how or leave an identifier (which could be a nickname for example) at the end of the comment.

Also note that this blog is NOT associated with any public or political officials including Alderman Roderick T. Sawyer!