Deposit puts city dollars back where they came from and could help boost the local economy
City Treasurer Kurt Summers announced recently a $20 million deposit into Illinois Service Federal Savings and Loan Association (ISF), founded in Chicago in 1934 to serve communities that have historically been under-served by traditional financial institutions.
Treasurer Summers made this announcement at a press conference held inside ISF’s main office in the heart of the Bronzeville neighborhood, just blocks from where he was raised.
Treasurer Summers was joined by ISF Board Member Lisa Finch, Interfaith Illinois Chairman Bishop Claude Porter, and other leaders from the community.
“As a life-long Chicagoan, I know how important it is for us to keep local dollars in local communities,” Treasurer Summers said. “As City Treasurer, I will always look for opportunities to make prudent investments directly into our neighborhoods. That’s why I am proud to make this deposit into Illinois Service Federal, the last black-owned bank headquartered in Chicago, putting city funds back where they came from and driving economic development in neighborhoods across our city.”
ISF Chairman Dr. Papa Kwesi Nduom reiterated what this deposit means not just for ISF but for the communities that it serves. “Over eighty years ago, thirteen black men with an able administrative staff of black women started this bank to provide an opportunity for the black community to gain access to home mortgages and financing to pursue their aspirations. This investment made today by Treasurer Summers provides a much-needed boost to our financial foundation, ensuring that we can strengthen the economic base of our communities and help people fulfill their dreams. I want to thank Treasurer Summers for his leadership in this critical time.”
Phillip Beckham, Founder and Executive Director of the Mid South Business Association and Resource Center, echoed how this deposit will support the development of neighborhoods that have been left out and left behind. “I’ve devoted much of my professional life to economic development in neighborhoods like Bronzeville. Almost every day, I hear about the need for increased access to capital for our small business owners and entrepreneurs. This deposit will help fill that need, empowering us to develop our homes, our businesses, and our neighborhoods.”
Since taking office, Treasurer Summers has been focused on investing in Chicago’s greatest asset—its neighborhoods. During the Treasurer’s first 77 days after taking the oath of office, he visited all 77 neighborhoods and saw how lack of access to capital is holding our communities back. “I look forward to continuing to invest in areas of our city that are most in need, helping to restore the economic promise of Chicago for all Chicagoans.”