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Showing posts with the label Ideal Federal

Another Black-owned bank closes

According to the FDIC, "On Friday, July 9, 2010, Ideal Federal Savings Bank, Baltimore, MD was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. As a convenience to local depositors, the FDIC has made arrangements for the insured funds in demand accounts, savings accounts, NOW accounts, insured CD's, and any other transactional accounts to be transferred to the Manufacturers and Traders Trust Company ("M&T") located at 715 N. Howard Street, Baltimore, Maryland. M&T Bank will also accept the failed bank's direct deposits from the federal government, such as Social Security and Veterans' payments through Saturday, September 4."

The institution was established as Ideal Federal Savings Bank on April 4, 1920. As one of the original Black owned financial institution in the United States, the bank had a stor…

Federal agency orders Ideal Federal Bank to find a buyer

From the Baltimore Sun, March 11, 2010 by Jamie Smith Hopkins

"Ideal Federal Savings Bank has until March 31 to find a buyer, a deadline set by the Office of Thrift Supervision after the federal agency determined the small Baltimore institution was undercapitalized.

The bank — which opened in 1920 to combat rampant discrimination in lending — is one of the oldest continuously operated black-owned businesses in the country, according to Creative Investment Research, an analyst of minority and women-owned banks."

See: http://articles.baltimoresun.com/2010-03-11/business/bal-idea-bank-0311_1_federal-agency-women-owned-creative-investment-research