The Illinois Service Federal (ISF) Bank is now officially called GN Bank.
Dr. Papa Kwesi Nduom, President and Chairman of Groupe Nduom, introducing the new name in an uplifting ceremony at the Bank’s Head Office on the South Side of Chicago said GN Bank, is here to stay. “As chairman of the board, I commit to you – GN Bank is here to work with you in our community.”
This is against the situation experienced in the USA where many minority and smaller community banks had failed. ISF Bank became the only African-American owned bank in the State of Illinois last year when Seaway Bank collapsed.
Groupe Nduom acquired ISF Bank two years ago and established a three-year turnaround plan. The Bank achieved that goal last year and continues to be profitable thanks to its loyal customers.
He declared, under our new brand, you will see the care and attention to customers that has sustained us in this community for more than 80 years. You will also see the introduction of more technology, services and products to meet the growing needs of this community.
The Office of the Controller of the Currency (OCC), the USA banking regulator recalled that ,earlier this year approved the changing of the name of the South Side Chicago based Illinois Service Federal Savings Bank (ISF Bank) which was started in 1934 by 13 black men to become GN Bank.
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