The USA banking regulator, the Office of the Controller of the Currency (OCC), has approved the changing of the name of the ISF Bank which started in 1934 by 13 black men to become GN Bank, USA.
Dr. Papa Kwesi Nduom, Chairman of the Board of Directors of South Side Chicago based ISF Bank made this known at the annual Customer Appreciation Gala of the Bank held in Chicago.
On April 29, 2016, the Nduom family obtained Change of Control approval from the Office of the Controller of the Currency (OCC) and to acquire the bank
There is no American bank focusing on the African-Caribbean market and it is the intention to turn the 84 year old Chicago bank into a local and international powerhouse, according to Dr Nduom.
In 1934, thirteen black men started the Illinois Service Federal Savings & Loans Association.
"We know that it was black women who ran the bank and made it work. The ISF Bank as it has come to be known, has supported many to acquire their first homes and start their own businesses," a statement signed and issued by Frank Owusu–Ofori, Head of GN Corporate Affairs quoted Dr Nduom as having said at the customer Gala in Chicago.
According to Dr. Nduom, “since then, new capital, directors and management personnel have been added to diversify and strengthen corporate governance. I am pleased to note that ISF Bank has become more stable, safe and ready and able to serve this community for several more decades unlimited to come."
"Tonight, I wish to inform you of some more positive changes to come. We are determined to grow this bank to become a $1 billion strong national financial institution headquartered right here on the south side of Chicago."
"Many of you know about mobile wallet products such as Zelle. In July, we intend to introduce our own mobile banking wallet product called PayGlobal. We plan to work hard to convince merchants in our community - the store around the corner, restaurants such as Peaches, Marianos and the rest to accept payments using this product so you do not have to carry cash with you.
"We are currently a federally regulated national thrift. We will change this to become a federally regulated national bank with branches in Wisconsin, Virginia, Georgia, Massachusetts, Maryland, New York and Washington, DC to begin with. We are about to start the process to acquire trust powers. We have decided to give the ISF Bank a boost by rebranding it.
"A well known person has said that the only thing constant in life is change. Our bank is about to change to serve you better. Our family has developed an internationally known banking brand called GN Bank, which started off as a savings and loans company and has grown to become an international bank with more than 300 branches. We believe the time has come to bring that brand here to give assurance that this bank is here to stay and will remain African-American owned. Accordingly, I am pleased to inform you that our regulator, the Office of the Controller of the Currency has given us the approval to change the name of this bank to GN BANK.
"As part of this change, we are offering a new premium account that will pay 1.8% interest on new funds deposited for a minimum of 12 months (terms and conditions apply).