City’s last Black-owned bank hit with new consent order

Crain’s Chicago Business | Nov 25, 2020 at 6:11 PM
  • GN Bank, the last remaining Black-owned bank in Chicago, has entered into a new consent order with federal regulators labeling it a “troubled bank” and demanding operational improvements.
  • The Sept. 17 order with the U.S. Office of the Comptroller of the Currency comes as the Nduom family, which owns the Ghana-based international conglomerate Groupe Nduom, is in the midst of a turnaround of the lender.
  • Papa Kwesi Nduom, chairman of the bank and Groupe Nduom, rescued the former Illinois Service Federal Savings & Loan from failure in 2016 with a $9 million capital infusion.