History of Liberty Bank

In 1972, Liberty Bank and Trust Company was chartered in New Orleans, Louisiana, with a focus on service, integrity and a sincere interest in community and business development. Nearly five decades later, Liberty Bank and Trust has approximately $965 million in assets and branches in 9 states making it one of the largest African American owned financial institutions in the United States.

Liberty Bank established its Baton Rouge presence in 1994 and opened a third branch in 2004. Liberty then moved into Mississippi in 2003, acquiring First American Bank in Jackson. This was followed by expansion into the Greater Kansas City market with the acquisition of Douglass bank in Kansas City, Kansas, and Kansas City, Missouri, in 2008.

Liberty Bank and Trust Company expanded across Greater New Orleans with the 2009 acquisition of United Bank and Trust Company, securing four additional locations to serve that market. That was followed by the acquisition of Home Federal Savings in Detroit, Michigan, which increased the bank's reach to six states. In 2013, Liberty Bank entered the Chicago market with the acquisition of Covenant Bank of Illinois, and in 2015, the bank expanded to Montgomery and Tuskegee, Alabama through the purchase of First Tuskegee Bank. In 2020 Liberty Bank and Trust expanded into Louisville, KY through the acquisition of Metro Bank, and in 2021 entered the Memphis, TN market by acquiring Tri-State Bank of Memphis, making Liberty Bank one of the largest black-owned banks in the U.S.

Liberty Bank's growth has been the result of acquisitions, fruitful partnerships, aggressive marketing, strong management, staff productivity and the trust it enjoys in the community. It all adds up to an efficient, well-capitalized institution that is perfectly positioned to continue fast-paced growths in both profits and assets. At Liberty Bank, we are passionate about helping more people achieve more economic freedom.

We work hard. Play hard. Invest where our heart lives. And pursue freedom for all. Trust Liberty Bank. There's freedom here.

Liberty Bank's Executive Team

Dr. Francis, Chairman of the Board
Dr. Norman C. Francis is a founding director of the bank and has served as its Chairman since the bank's inception in 1972. He is also President of Xavier University, a position he has held since 1968. Under His dynamic leadership, the university has more than tripled its enrollment, broadened its curriculum, expanded its campus, and received national attention for its award winning academic initiatives and programs.

Alden J. McDonald Jr., CEO
Mr. McDonald, President and CEO, has held his current position since the bank's inception in 1972, making him the longest tenured African-American financial executive in the country. With nearly 45 years of experience in the banking industry, Mr. McDonald's strategic vision and hard work have been crucial to the success of the bank. Under his leadership, the bank's assets have grown from a mere $2 million in 1972 to over $600 million currently.

Todd McDonald, President
Originally from New Orleans, LA, Todd McDonald received his undergraduate degree in Business Management from Morehouse College, his Master's in Business Administration from Northwestern's Kellogg School of Management, and his Graduate School of Banking Degree from Louisiana State University.

McDonald began his career at Liberty Bank and Trust in 2003, with most of his experience concentrated in Commercial Lending. He now serves in the role of President and is a member of the Liberty Bank Board of Directors. In his role, McDonald is responsible for uncovering, evaluating, and developing business plans for growth and performance improvement opportunities; leading high impact initiatives; and providing overall management for special projects initiated by the CEO and Board. Todd is intimately involved in the company's high-level corporate strategy decisions that ultimately affect the long-term growth and sustainability of the bank.

Todd's civic activities include but are not limited to the National CDFI Fund Board (appointed position by the President of the United States), New Orleans Board of Liquidation (appointed position by the Mayor of New Orleans), National Bankers Association (Board Member), Independent Community Bankers of America/ICBA (Federal Delegate), the Cowen Institute (Board Member), Bureau of Governmental Research (Past Board Member), and the Louisiana Workforce Investment Council (Past Chair/appointed by the Governor of Louisiana).

Personal Checking

At Liberty Bank, we understand the needs of one customer are seldom the same as the next. That's why we offer several checking account options to complement our wide selection of additional financial services.

Checking accounts available through Liberty Bank include:

Personal First Accounts
Perfect for young customers or those seeking to maintain a smaller balance, these accounts require nothing but a $50 opening deposit. There are no minimum balance requirements, and Liberty Bank debit cards are available on request. First accounts don't, however, offer checking capabilities.

Personal Checking Accounts
Free from service fees with a balance above $500, these checking accounts feature the same simple $50 opening deposit as our first accounts. They add unlimited check writing for your convenience.

Premium Checking Accounts
These accounts are free from service charges with balances of $1,000, and they accrue interest to add extra value to your banking experience. You'll enjoy 20 free debit transactions, whereafter the per-transaction charge is just $0.25.

Compare Checking Accounts (.PDF)

Personal Savings

At Liberty Bank, starting your own savings account is simple, even if you're a banking beginner. Simply apply online, and a member of our team will contact you to help you open a savings account that best accommodates your financial goals.

Liberty Bank savings services include:

First Savings Accounts
True to their name, these accounts are the perfect choice for first-time account holders. They're open for use by customers under the age of 17, there's no minimum balance and the opening fee is just $50.

Personal Savings Account
Requiring only $50 to open, these flexible accounts gather interest on balances of any size. A generous APY helps you reach your savings potential.

Capital Asset Fund
Though these funds require $2,500 to open, easy access to your deposited balance via check or debit card makes capital asset funds an exceptionally flexible savings option.

Certificates of Deposit (CD)
These certificates are the perfect choice for the strategic saver. Available with flexible terms between three months and five years, Liberty Bank's CDs require a starting minimum deposit of $1,000.

Individual Retirement Account (IRA)
Liberty Bank offers traditional IRAs, alongside Roth, Education and Rollover options to help address the diverse needs of our many customers. These accounts require only $500 to open, and contributions may be tax-deductible.

Compare Savings Accounts (.PDF)

Personal Loans

At Liberty Bank, we've developed our selection of personal lending services to address the diverse needs of our customers. Regardless of your financial situation, we'll help you determine precisely how much you can borrow, along with the interest rate you can expect when borrowing from Liberty Bank. We'll also explore any other options that may be available Loan options available through Liberty Bank include:

Home Mortgage Loans
From fixed-rate to adjustable-rate mortgages, we're proud to offer an assortment of loans designed to help you pay for your dream home.

Personal Loans
Freedom Fast Loans are Liberty Bank's unsecured personal loans. Available at amounts up to $10,000, these loans are an excellent choice if you need financing fast.

Personal Line of Credit
Liberty Bank offers revolving personal lines of credit for use whenever you require additional funds. You'll pay finance charges only when the line's used, and we strive to keep annual fees low.

Automobile Loans
For many, a working vehicle is an everyday necessity. That's why we offer flexible loans with competitive interest rates for both new and used vehicles.

Home Equity Loan
These fixed-rate loans allow you to leverage your home's value to access funds for anything from home improvement projects to college education costs.

Home Equity Line of Credit
This financial solution blends the benefits of a revolving personal line of credit with the effortless access to funds offered by a home equity loan.

Personal Loans (.PDF)

Business Banking

Liberty Bank wants your business to thrive, and we've developed a host of business banking products and services to help you achieve your goals. No matter your level of expertise, we'll help connect you with the business banking services you need, whether you're seeking checking, savings, lending or cash management solutions.

Business Checking
We understand there's no one-size-fits-all solution to banking, so we provide two different checking accounts – enterprise checking and corporate checking – with each offering its own unique benefits.

Commercial Lending
Liberty Bank can help you secure the financing you need for a variety of business-related expenses. Our commercial lending options include commercial real-estate loans, as well as equipment financing, business lines of credit and the business Visa credit card.

Business Cash Management
Managing your business' financial assets can be complex, but at Liberty Bank, we strive to make things simple. Our automated cash clearinghouse streamlines payments, receipts, payroll and more with a simple, electronic system. Plus, we offer online banking that allows you to transfer funds between accounts, send domestic wire transfers and much more.

Electronic Services
Our automated cash clearinghouse and online banking system are just two examples of Liberty Bank's helpful electronic services. Remote deposit capture lets you scan and deposit checks from the comfort of the office. Plus, business merchant services enable your business to accept payments via popular debit and credit cards for the convenience of your customers.

Business Card Services
Liberty Bank offers Visa business debit cards that connect to your business checking account, as well as Visa business credit cards, which offer ScoreCard Rewards, travel accident insurance and worldwide ATM cash access.

Other Services
Seeking additional financial assistance as you pursue your business goals? Liberty Bank offers a selection of miscellaneous services that offer value for new and longtime businesses alike. These include fax reporting, night depository services, direct deposit and telephone banking.

Business Banking Brochure (.PDF)