In 2016, the Nduom family acquired the historic Illinois Service Federal Savings and Loan Association (ISF Bank).
The family now is rebranding the bank as GN Bank to align with its international banking operations. GN Bank internationally has over 330 branches.
“We want something different to come out of the South Side of Chicago,” said Dr Papa Kwesi Nduom, president of Groupe Nduom and chairman of ISF Bank. “We’re linking the South Side to the world through this traditional, black-owned bank.”
At a time when available lending capital is decreasing for black-owned businesses, GN Bank will become one of the few remaining African American-owned banks operating in the United States, a statement from the company said.
It was disclosed that in Chicago, GN Bank will be a local bank that invests in Bronzeville and surrounding communities, treats its local customers with individual attention, and provides the high-level banking expertise that customers have long enjoyed from this branch location of ISF Bank.
Perhaps most important, GN Bank also is an international banking institution that will connect its customers to the rest of the world, it added.