Illinois Service Federal Saving and Loan Association (ISF) opened more than 80 years ago during the Great Migration, when millions of African Americans left the south for northern cities like Chicago. It provided services to the black community when economic opportunities were limited.
Today, it’s just one of two black owned banks in Chicago. Monica Thomas is senior vice president of community banking. She says ISF has a real connection to the South Side neighborhood it’s in.
Recently, Ghanaian American investment firm, Nduom Group acquired the bank in a $9 million deal. Thomas says the bank will be able to expand its products, including services for home ownership in the black community.