Chicago Welcomes Liberty Bank
Liberty Bank & Trust Company Acquires Chicago Financial Institution
(Chicago, IL). (February 15, 2013) – Liberty Bank and Trust, a forty (40) year old depository institution headquartered in New Orleans, La., entered the Chicago Market today with the acquisition of Covenant Bank of Illinois. The purchase of the assets of Covenant Bank was effective at close of business on Friday, February 15, 2013.
One of America's top three (3) African-American-owned financial institutions, Liberty Bank, is a leading mortgage lender and advocate for affordable housing. Liberty offers a full range of banking services to small businesses, public and non-profit agencies, major corporations, and its thousands of individual customers. With its entry into the Chicago market, Liberty Bank and Trust operates nineteen (19) branches, in seven (7) states with assets approaching $600 million serving the financial needs of diverse populations throughout America.
Founded in 1972, Liberty Bank combines a vision of community uplift with a commitment to fundamental banking principles. During the past 40 years under the leadership of President and CEO Alden J. McDonald, Jr., one of the longest tenured African American financial executive in the country, Liberty Bank's assets have grown from $2 million to nearly $600 million. Since the turn of the century, Liberty Bank has expanded its foot print acquiring banks in Detroit, Michigan; Kansas City, Missouri and Kansas City, Kansas; Jackson, Mississippi; Houston, TX; Baton Rouge and Opelousas, Louisiana.
"We are excited to launch 2013 by entering the Chicago market," said Alden J. McDonald, Jr. President and CEO. "Liberty Bank eagerly anticipates the opportunity to provide exemplary customer service and dynamic financial solutions for citizens of Chicago and the surrounding region."
The mission of Liberty Bank and Trust is to provide cost effective delivery of high-quality, innovative, customerdriven products and services to diverse markets with a focus on disadvantaged minority communities who traditionally have been underserved.
Liberty Bank and Trust is processing ALL Checks and Debit/ATM Card Transactions accepted in exchange for sales and services that were issued by Covenant Bank branded checks and Debit/ATM cards. Additional information is available for retailers and depositors by contacting Liberty Bank (504) 240 - 5100.
Liberty Bank offers a full spectrum of banking solutions to each of its individual, business and institutional customers. From deposit accounts to investment instruments to credit cards, financial management and electronic banking, Liberty Bank customers will enjoy a variety of products that will assist them in achieving their financial goals.