Home / Full timeline / Consolidated Bank and Trust Company, the nation’s oldest Black owned commercial bank, expands, in a move that allows it to purchase the assets of two failed Virginia lending institutions.
Consolidated Bank and Trust Company, the nation’s oldest Black owned commercial bank, expands, in a move that allows it to purchase the assets of two failed Virginia lending institutions.
1990 (May 18)
Consolidated Bank and Trust Company, the nation's oldest Black owned commercial bank, expanded, in a move that allowed it to purchase the assets of two failed Virginia lending institutions. In an agreement with the Federal Deposit Insurance Corporation (FDIC), the Richmond-based Consolidated paid a $315,000 premium to add the assets of the Black-owned People's Savings and Loan Association and Community Federal Savings & Loan Association to its portfolio. It also assumed all loans and deposits of the two S&L's The 107-year-old People's of Hampton and Community Federal, a 23-year-old Newport News, Virginia, financial institution, had combined assets of $30 million. The transaction boosted Consolidated's total assets to $93.5 million--up from $62 million. The bank was the 12th largest on listing of Black-owned banks by Black Enterprise magazine.
References:
- • Hornsby, Alton. Chronology of African-American History: Significant Events and People from 1619 to the Present. Detroit: Gale Research, 1995.