The last black-owned bank on Chicago’s West Side has closed after operating for 40 years. The New Orleans-based Liberty Bank will operate one branch remaining in the suburbs of Chicago.
Regional vice president, Wendy Ryce-Smith, said in a statement to Austin Weekly News that Liberty Bank closed the doors of its brick-and-mortar in the city as it was underutilized. Ryce Smith said the bank will focus on electronic transactions business.
“We are mindful that many of our customers are not tech-savvy, and we plan to work with them in the transition,” she said.
Liberty Bank offers mortgages, loans and business financing, with the mission of strengthening the community through financial freedom.
“As a legacy financial institution, Liberty is committed to Chicago,” said President Alden McDonald Jr. “We will continue to provide affordable mortgages, low rate Visa cards, convenient loans, and quality banking services for the people of Chicago.”
Liberty Bank opened in 1898.