When it comes to having close calls, the banking industry is no stranger to guardian angels swooping in in the knick of time.

Earlier this year, the ISF Bank, or Illinois Service Federal Savings and Loan Association, was in a very real danger of shutting down and dissolving due to inefficient funding and sources, but a more than generous donation from foreign investors quickly turned that around.

Groupe Nduom of Ghana, an entrepreneurial and enterprise building firm operating out of West Africa and the UK, donated as much as $9M into the ISF Bank, propping up the failing business so that it could more successfully help the black Chicago community that it is based within.

The hefty donation also allowed the Ghanaians to buy the ISF Bank, which provided the West Africans with a strong business foothold for the Illinois area.

The ISF Bank itself being one of the last standing African-American banks in the state is what made the need so great for financial intervention. Black owned and operated banks all over the state as well as the country are having difficult times keeping business up and running, with difficulty finding incoming capital being the main cause of closure.

The investment from the Groupe Nduom of Ghana is a step forward for blacks and African business to support each other in their endeavors.

The ISF Bank is located in Chicago, Illinois with its current operating address at 4619 S. King Drive Chicago, IL 60653.

Sources:

“Black-owned Bank to Be Overhauled by New Investor.”Chicagotribune.com. N.p., n.d. Web. 05 July 2016. http://www.chicagotribune.com/business/ct-black-owned-banks-illinois-0621-biz-20160620-story.html