Chicago , September 20 , 2024: When 13 African American men and their supporters came together in the early 1930s to establish the Illinois Service Federal Savings and Loan Bank, they may not have envisioned that 90 years later, the bank would still be standing, serving Chicago’s South Side community.
The bank’s storied history includes its acquisition by Dr. Nduom in 2016 and its rebranding to Group Nduom Bank (GN Bank) in 2018. These milestones were celebrated at the bank’s 90th anniversary event at the historic Parkway Ballroom, 4455 S Martin Luther King Drive, Chicago, Illinois.
The celebration commenced with a stirring invocation by Apostle Dr. Isaac Paintsil, who drew a parallel between GN Bank’s journey and the biblical tale of Isaac, who, after numerous trials, finally unearthed a well. He fervently prayed for GN Bank’s enduring prosperity.
Among the distinguished speakers was Melissa Conyears-Ervin, Treasurer of the City of Chicago. She praised the bank’s founders for their vision and courage in starting a bank during the era of redlining when African Americans were often denied access to credit. She noted that, 90 years later, the Black community still fights for equal opportunities. She thanked Group Nduom for ensuring the community’s access to credit and paid tribute to Alderman Greg Mitchell and others who helped secure taxpayer deposits at GN Bank. She concluded by thanking Congressman Bobby Rush for his ongoing advocacy for the Black community.
Mr. Tybonds, a board member, read a proclamation from Chicago Mayor ,Brandon Johnson, who highlighted GN Bank’s role as an economic cornerstone for underserved communities. He noted that GN Bank is the only Black-owned bank in Illinois and an approved depository for the City of Chicago. The proclamation ended with congratulations on the bank’s 90th anniversary.
Chief Operating Officer , Chiefy Nduom spoke about the bank’s challenges over the years. He paid glorious tribute to the founding fathers and promised to serve all community members diligently. He expressed confidence that the bank would continue to serve future generations.
Dr. Papa Kwesi Nduom, Chairman of GN Bank, began his remarks with a Bible passage, Jeremiah 29:11, and expressed hope that the bank would be around to celebrate its next 90 years. He recognized the invitees as individuals familiar with and connected to the bank, highlighting the presence of the Black Aldermanic Caucus, Congressman Bobby Rush, members of the Ghanaian Community Church, and Rev. Dr. Isaac Paintsil. Dr. Nduom spotlighted the bank’s charitable work, such as providing scholarships to students, and noted that only 15 of the 40 Black-owned banks from the 1930s remain today. He emphasized the personal touch of GN Bank, stating, “When you do business with Chase Bank, you will not meet Mr. Chase, but when you come to GN Bank, you will meet us (the owners).” He reiterated that the bank is here to actively support the community by fulfilling their financial needs, ensuring that people can say, “I bought my house and got my capital to run my business because GN Bank exists.” Dr. Nduom also thanked the founding fathers and the women who have worked at the highest levels of management and all levels , calling them “the backbone of the bank.” He continued, noting that the bank will continue to have a promising future .
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Other speakers highlighted the ongoing difficulties Black communities face in accessing capital due to systemic racism. They emphasized the importance of supporting GN Bank and the Nduom family to ensure the bank continues to serve the community.
The Liz Toussaint Band entertained the August gathering, adding a lively atmosphere to the celebration.
Food was abundant, featuring a variety of Ghanaian dishes , and drinks, ensuring that all attendees were well-fed and satisfied.
Among the attendees were Chief Executive Officers of other Group Nduom businesses from Europe, U.S. Congressman Bobby Rush, the Vice President of the Ghana National Council, Eunice Cromwell , and other executive members of the GNC, past President of the GNC,Paa Kwasi Sam, Reverend Dr. Kofi Noonoo, Rev. Isaac Paintsil, Dr. Mark Kutame, Nana Yaw Marfo, Mr. Peter Osei, and others.
As the evening drew to a close, the atmosphere was filled with a sense of pride and hope. The celebration of GN Bank’s 90th anniversary was not just a reflection on the past but a beacon for the future. The attendees, from distinguished guests to community members, left with a renewed commitment to support and uplift the institution that has stood as a pillar of strength for nearly a century.
The echoes of laughter, heartfelt speeches, and the soulful tunes of the Liz Toussaint Band lingered in the air, a testament to the enduring spirit of resilience and unity. As the lights dimmed in the historic Parkway Ballroom, one thing was clear: GN Bank’s legacy of empowerment and community service would continue to shine brightly, guiding future generations towards a prosperous and inclusive future.
With gratitude in their hearts and a shared vision for tomorrow, everyone departed with a sense of belonging and a promise to keep the flame of GN Bank burning for many more decades to come.
Source: sankofaonline.com
